The cryptocurrency market is witnessing a significant shift in sentiment, as the open interest on the shorts' side is gradually increasing, in line with the spot buying volume. This divergence often results in short squeezes, which could lead to a breakthrough and a move toward $100,000 for Bitcoin.

The Spot Cumulative Volume Delta (CVD), which shows the total net buying or selling on the spot market, is the first metric to note. In this case, there is a growing spot buy delta, and the Spot CVD is leading with the price. This suggests that the recent rise in Bitcoin prices is driven by the spot market. In simpler terms, as more people buy Bitcoin on the spot market, the price increases.

However, perpetual contracts tell a slightly different story. Futures traders may be feeling bearish as the Perp CVD is falling more than the price. Additionally, there is an increase in perp selling. This indicates that while there is buying pressure on the spot market, the futures market is more likely to be selling. The primary driver of the recent price surge on Bitcoin appears to be buying on the spot market.

A rising Spot CVD in conjunction with the price indicates a high level of buying interest. Despite this, the futures market (perps) is showing bearish sentiment, with a falling Perp CVD and increasing selling pressure. The growing spot buy delta suggests that there may be buying momentum. This could be encouraging for spot traders looking to buy or hold Bitcoin. On the other hand, the declining Perp CVD suggests bearish sentiment, which could signal caution for those who trade futures.

In conclusion, the growing open interest on the shorts' side and the increasing spot buying volume suggest that Bitcoin bears could be at risk. The spot market is driving the recent price surge, with a rising Spot CVD indicating high buying interest. However, the futures market is showing bearish sentiment, with a falling Perp CVD and increasing selling pressure. This divergence could lead to a short squeeze and a move toward $100,000 for Bitcoin.