Wu Shuo learned that CryptoQuant analyst Axel Adler Jr. stated that, under the influence of U.S.-Iran news last night, during Bitcoin’s rise from $74,000 to $78,000, approximately $526 million in short positions were liquidated within 24 hours, exhibiting classic “short squeeze” characteristics. A peak of about $357 million in short liquidations occurred at 13:00 UTC. He believes this rally was primarily driven by passive covering of short positions rather than new spot buying demand; while short squeezes can rapidly push prices higher in a short time, they do not equate to a sustainable rebound in spot demand. https://t.co/WRkxtUOC4A
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