Shorts are still paying money every 8 hours, $BICO but one candle has surged 62%.

In 24 hours, it went from 0.02319 to 0.04644, nearly doubling in price before falling back to around 0.04225.
The trading volume reached 466.7 million USD, but open interest is only 10.8 million USD.
This is not ordinary volume increase; it looks more like a bunch of short-term funds rushing into a narrow door to grab positions.
The most eye-catching thing is the fee rate.
Funding rate is -0.1718%, and shorts have been paying for four consecutive periods.
The meaning is simple: not only are shorts being pushed down by the price, but they also have to pay the “overnight fee” on time.
Open interest surged by 271.1% in one day; new positions are not slowly coming in but suddenly squeezing in.
But it’s not just blindly bullish either.
One-hour open interest has already fallen back 2.4%, indicating some traders are starting to withdraw at high levels.
The long-short ratio is 0.76, with only 43% of retail traders being long, most are still skeptical.
Top-tier accounts have a long-short ratio of 1.06, which is closer to balance, making this kind of market most likely to shake out both sides.
On the technical side, the Bollinger upper band is at 0.0452; after just touching the upper edge, the price pulled back.
The midline at 0.0375 will become the emotional dividing line in the night trading session; if it falls back, it indicates this short squeeze is cooling down.
If it can regain and stay above 0.0452, the pain point for shorts may not be over yet.
This structure of negative fee rate, exploding open interest, and sharp price surge, does it resemble a typical second-half short squeeze?
$BICO $BTC # Contract abnormality
This content is generated with the assistance of Claude Fable 5, for informational purposes only. Please verify independently.