Corporate Bitcoin Buying Spree Fuels Short Squeeze

A surge in corporate traffic on Bitcoin has been observed following a rapid rise to $77,000 from $62,000. This triggered the liquidation of approximately $3 billion worth of short positions.

Abraxas Capital, Fasanara Capital, and Wintermute have collectively held over $600 million in short positions for BTC ($78,807.00 · Live) and ETH ($2,477.33 · Live).

The positive funding rates have made the market-neutral basis trade strategy more attractive to institutional investors.

Michael Saylor's 'We're ₿ack' post has strengthened expectations of a new Bitcoin purchase announcement from MicroStrategy.