DASH Squeeze Resumes to $67.2: OI +47%, Shorts Pay Again
DASH squeeze extends: 27% higher, brief stop at $74.63
DASH is in the middle of a second squeeze. The coin traded at $67.24 on Binance at the latest check, up 27.3% over 24 hours, and $67.26 on OKX with a 27.2% gain. The rally ran as high as $74.63 before pulling back roughly 10% from that peak, a sign that some longs took profit near the top rather than holding for more.
What makes this move stand out is the context. DASH had already jumped 11% to $47.5 a day earlier when Binance reclaimed the lead in open interest. That first leg looked like a normal bounce. The second leg, which carried the coin from a 24-hour low near $49 to a high above $74, is a different animal: it flushed bears who had built positions during the coin's long slide and forced them to cover at worse prices.
Open interest jumps 47% to $118.2M as leverage chases the move
Derivatives traders are not sitting this one out. Total open interest across venues reached $118.2M, up 47.4% in 24 hours. Binance holds the largest share at $38.9M with a 52.6% daily increase. OKX posted the sharpest growth at 121% to $8.9M, while Bybit added 30.5% to $11.1M and Bitget rose 43% to $8M. KuCoin still carries a meaningful $23.9M book even though its growth lagged at 25%.
That pattern, price up and open interest up together, points to fresh money entering the market, not just short covering. New longs and new shorts are both adding size. The 4-hour numbers show some cooling inside Binance, where OI slipped 5.6% in the last four hours, but OKX kept building with an 11.2% four-hour gain. Leverage is rotating between venues rather than leaving the market.
Shorts pay again: over 60% of DASH liquidations hit the bear side
Liquidation data confirms who is getting hurt. The coin saw $6.37M in liquidations over 24 hours, with shorts accounting for $3.85M, about 60% of the total. That mirrors the previous session, when short liquidations also outnumbered long ones as the coin broke higher. A large single short liquidation of 1,778 DASH, worth about $1.9M, was recorded on Binance earlier in the squeeze.
For traders holding short positions, the message is blunt: fighting this momentum with tight stops has been expensive two days in a row. The coin's volatility is extreme, with a 24-hour range from $49.22 to $74.63, roughly 50% peak to trough, so position sizing matters more than direction calls right now.
Funding sits at the cap while OI keeps climbing: what to watch
Funding rates on DASH perps are pinned at 0.01% on Binance, OKX, Bybit, Bitget and Gate, the highest allowed level on those venues. That is a classic squeeze signature: shorts dominate flow, so longs get paid to hold. But it also means the easy part of the move is behind. Once funding is maxed and open interest keeps rising, the risk flips toward a long-side flush if the spot bid fades.
The setup to watch is simple. A break back above $74.63 would likely trigger another round of short covering and could extend the squeeze toward psychological levels. A failure near the high, combined with falling open interest, would signal leveraged longs capitulating. The pullback from the $74.63 peak already shows the market is not a one-way street, and the coin remains one of the most volatile names in the top tier today.
Data as of 17:53 Beijing time, covering Binance, OKX, Bybit, Bitget, Hyperliquid, Gate, KuCoin, MEXC and other major venues.