Bitcoin Short Squeeze Expectation, Chinese Memecoins Crash

Bitcoin, 121,000 dollar level has exceeded, also providing sharp gains in the anonymous coins ZEC and DASH. Data shows that BTC short positions could be liquidated at levels above 121,600 dollars. This situation means that a short squeeze could be triggered, leading to a rapid rise towards record levels.

Experts state that the market still displays a positive outlook. Timothy Misir, Head of the BRN Research Department, said, "The market is calm, liquid, and quietly trending upwards at high levels. Institutional flows are the backbone of this phase; exchange funds act as a liquidity bridge between traditional and digital finance."

Data shows that overall positioning in the global BTC futures market is high. Open positions are approaching a record level of 755,000 BTC. Meanwhile, other assets such as BNB, XRP, ADA, and TRX have seen a decrease in future open positions over the past 24 hours, while BTC open positions increased by %1. Ethereum recorded only a %0.4 increase.

On the other hand, annual funding rates in the XMR market are approaching %60, signaling excessive demand. The funding rates for other significant assets, such as BTC and Ethereum, generally present a positive picture. In the decentralized exchange Derive, call options at prices of 128,000 dollars and 145,000 dollars in options expiring on October 31 are dense, indicating an upward trend.

Recently, the excitement of China-based memecoins began with the rise of tokens such as GIGGLE, 四, and 哈基米 on PancakeSwap V2. However, these assets lost more than %95 of their value within 24 hours, wiping out speculative gains. This collapse coincided with a wider memecoin market downturn described by Changpeng Zhao, the founder of Binance, as a "bloodbath."

Binance introduced the "Meme Rush" platform, which is expected to offer a structured pathway before tokens start trading on various decentralized and centralized exchanges. However, just like the decline seen for Solana memecoins in February, it seems that meme tokens on the BNB chain are also heading towards a similar end. The trading volume on PancakeSwap remained at around 18 billion dollars over the past 24 hours. Nevertheless, it is noted that new tokens launched are attracting interest, but the overall liquidity is relatively low; the liquidity of wrapped BNB (WBNB) reached only 35 million dollars compared to a full dilution value of 1.6 billion dollars.