PANews reported on February 28th that, according to CoinDesk, Bitcoin, which had previously fallen to a low of $63,000 following the US and Israeli attacks on Iran, is currently attempting to recover to $64,000 amid a potential short squeeze. Meanwhile, according to CoinGlass data, perpetual contract funding rates have fallen to -6%, the second lowest level in the past three months. When the rate is positive, traders holding long positions pay fees to traders holding short positions. When the rate turns negative, short sellers pay long positions. Deep negative rates typically indicate aggressive short positions and bearish sentiment, as traders are willing to pay a premium to maintain their bearish bets.

Meanwhile, in the past 24 hours, open interest in Bitcoin increased from 668,000 BTC to 687,000 BTC. Measuring open interest in BTC eliminates distortions caused by price volatility. The rise in open interest against a backdrop of negative fees indicates increasing market participation, with more traders positioning themselves for further declines.