Bitcoin shorts reach multi‑year extremes as funding turns deeply negative and ETF outflows rise

Bitcoin derivatives data show traders heavily favoring downside exposure while spot price holds in a tight range below $70,000. Over the last 24 hours, BTC slid to $65,092 before rebounding to $66,947, with funding rates and options pricing indicating crowded shorts and elevated demand for downside protection. Recent spot ETF outflows in the hundreds of millions of dollars further underline weak spot support even as short squeeze risk remains in play.