DeXe (DEXE) defied a falling crypto market on Tuesday, surging roughly 70% in 24 hours as a violent short squeeze forced bearish traders to cover their positions.

The move pushed DEXE to a fresh yearly high near $24 while Bitcoin and most altcoins traded in the red. Derivatives data show the rally came from leverage, not fresh spot demand.

Record Open Interest Fueled the Short Squeeze

DEXE open interest climbed to roughly $70 million on Tuesday, the highest reading on record. That spike arrived as price went vertical, a classic sign of forced positioning rather than steady accumulation.

Coinglass data shows shorts have been the punished side for months. Red short-liquidation…