max 12 words. Source title is "Bitcoin bears face $2.6B trap as BTC funding rate drops: Is a short squeeze brewing?" - 13 words.

Para 1: Over-leveraged Bitcoin short positions between $63,000 and $66,000 have set up a potential $2.6 billion trap for bears. Negative perpetual funding rates suggest bulls have fully deleveraged, taking much of the downside risk off the table. The Friday crash to $61,100 liquidated $335 million in leveraged longs, and a 21% slide from local highs has left sentiment decidedly grim. With bearish positions stacked between $63,000 and $66,000, the stage is set for a $2.6 billion short squeeze should price reclaim that range.

Para 2: Estimated cumulative Bitcoin liquidation at major exchanges, USD. Source: CoinGlass. Estimated liquidations for a further 8% drop in Bitcoin to $57,000 from $62,000 stand at $1.2 billion. In contrast, a rally to $66,000 would put $2.6 billion of short positions at risk. This potential squeeze could provide enough fuel to revive buyer confidence after a record-breaking 13-day streak of net outflows from spot Bitcoin exchange-traded funds (ETFs).

Para 3: US-listed spot Bitcoin ETFs daily net flows, USD. Source: SoSoValue. The modest $3 million net inflow on Thursday may be a brief reprieve after 15 days of selling that drained $5.1 billion. It remains too early to call an official momentum flip in favor of the bulls. And if bears kept their leverage low and played it conservative, the threat of a massive short squeeze may be smaller than it looks.

Para 4: Bitcoin perpetual futures annualized funding rate. Source: Laevitas. A neutral funding rate typically ranges between 6% and 12%, with longs paying to keep their positions open. The current negative 2% Bitcoin perpetual futures funding rate suggests bears are feeling confident enough to get paid for the privilege. Even if it takes time for Bitcoin to reclaim the $66,000 level, bulls have fully deleveraged, reducing downside risk.

Para 5: Nasdaq 100 futures (left) vs. Bitcoin/USD (right). Source: TradingView. Bitcoin has badly underperformed the Nasdaq 100 index, but the tech sector is now showing cracks of its own after Broadcom (AVGO US) closed down 12.6% Thursday, erasing $280 billion