BTC Futures Activity Driven by Shorts Covering, Not Bullish Momentum

[bonk]

Bitcoin’s move above $90K has been powered mostly by shorts unwinding, not fresh bullish positioning. Open interest continues to fall, cumulative volume delta is flat, and liquidations of short positions pushed BTC through key levels at $84K, $86K, and $90K. Meanwhile, funding rates remain neutral, reflecting cautious sentiment across derivatives markets. Analysts say Bitcoin needs new long exposure, rising open interest, and sustained positive funding before declaring the uptrend back on solid ground.

[Nahid Hossen]

Short covering spikes aren’t sustainable—spot demand is what really matters.

[Rimon Khan]

This move looks more like repositioning than real bullish conviction.