Traders were positioned for BTC to stay capped under $67K. Last week's squeeze blew that trade up, $3–4B in shorts liquidated as price ran from the mid-$60Ks to $79K. Futures open interest fell to a two-month low (730K BTC) while spot was rallying. Shorts were closing, but no new longs piling in. Leverage came out of the system. Very constructive setup. Short squeeze is by definition a one-time flow: once bearish positioning is cleared, continuation requires fresh spot demand. This is the question the coming week answers.(BloFin Research)