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Bitcoin surged past $100,000 last week, driven by a historic spike in derivatives activity. The rally was fueled by record open interest, extreme funding rates, and a massive short squeeze.
- Bitcoin derivatives open interest surged 57% in a month, hitting $33.3 billion amid the price rally.
- A $585 million short liquidation event on May 8 was the largest since September 2024, driving Bitcoin past $100K.
- Extreme funding rates above 1% daily signal potential fragility, with historical precedents suggesting a 7-12% pullback risk.
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