Murphy: Bitcoin rebound lacks spot support, risk of long positions squeezing derivatives accumulates

Crypto analyst Murphy pointed out that during the rebound of Bitcoin from $58000 to nearly $64000, spot trading volume rapidly declined, lacking support from spot demand. The USDC/USDT exchange rate fell from 1.001 to 1.0006, and the outflow of mainstream stablecoins on the trading platform narrowed. The 7-day average premium for long positions in perpetual contracts has risen to $160000 per hour, with holdings higher than the level in February this year. As the rebound continues, the risk of long position squeeze is accumulating.