Bullish offshore traders over the past two weeks are now losing money on bitcoin positions, putting the market at risk of a potential long squeeze, according to data from K33 Research. Meanwhile, Bitcoin's correlation with US equities has reached its highest level in 18 months after a record 19-day net inflow record for US spot bitcoin ETFs ended, with the 30-day correlation between bitcoin and Nasdaq last week increasing to 0.64 for the first time since 2022.