This squeeze has me gasping for breath—the contract shorts are desperately pounding the market, driving the funding rate negative, but on the spot side the amount actively being bought up is nearly twice the size of sell orders. Clearly someone is taking delivery from below. Leveraged lending volumes have surged, and the spot longs with leverage have been pushed to the extreme. This isn’t something retail traders can do. Watching the four-hour chart, it looks like a slow bleed, but in reality the chips are being concentrated into the hands of big players. The shorts think they’re storming the city, but they’re actually handing their chips into the main forces’ pockets. Once this round of contract shorts is squeezed out, the resulting short squeeze can fling people off the bus.