BTC 15-minute increase of 0.59%: Bear squeeze and spot supply tightening resonate

On April 24, 2026, from 11:00 to 11:15 (UTC), BTC price return was +0.59%, with a price range of 77,754.6-78,290.8 USDT, and an amplitude of 0.69%, indicating increased short-term volatility.

The main driver of this fluctuation was a resonance between concentrated short positions in the derivatives market and tightening spot liquidity. Recently, the funding rate for BTC perpetual contracts turned negative (-0.253%), favoring short positions, while exchange BTC reserves continued to decline, with a net outflow of 7,974 BTC (about $582M) from April 9 to 10, significantly reducing circulating supply. On-chain data shows that on April 23, large transfers exceeding $10M totaled over $3.2B, with frequent large-scale fund movements by major holders. In a low liquidity environment, increased spot buying can easily trigger forced liquidations of shorts, creating a short squeeze effect.

Additionally, continuous ETF fund inflows have strengthened spot demand, further tightening market liquidity. The simultaneous occurrence of large on-chain transfers and net exchange outflows amplifies volatility through multiple factors.

Regarding risks, attention should be paid to changes in exchange BTC reserves and on-chain fund flows. Large BTC inflows could exert selling pressure; if the funding rate remains negative, short covering may continue to support prices, but volatility risks still exist.

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