Unlike wild rallies, BTC looks more like a textbook early stage of a major bull run.
If this were a short squeeze, it would seem overly "restrained". Despite 6 consecutive days of gains with prices approaching $94,000, perpetual funding rates haven't spiraled out of control—instead, spot trading volume ratio has actually increased. This itself indicates that this rally is not being driven by leverage accumulation.
More critically, there are changes on the ETF side. Net inflows exceeding $3 billion over the past 5 days, and it's not a one-day pulse but continuous buying pressure. This type of capital is oriented toward medium-to-long-term allocation rather than short-term speculation. The typical characteristics of a short squeeze are "speed, violence, and extreme funding rates," while the current market looks more like structural capital slowly pushing prices higher.
On-chain long-term holders show no obvious distribution, which confirms this point. True market tops are typically accompanied by old coins loosening, chip redistribution, whereas currently it's more about "locked positions + new capital taking over".
Therefore, rather than calling this a short squeeze, it's better described as the lifting phase in the early-to-mid stage of a bull market's major rally. Not crazy, but definitely solid.
Unlike wild rallies, BTC looks more like a textbook early stage of a major bull run.
If this were a short squeeze, it would seem overly "restrained". Despite 6 consecutive days of gains with prices approaching $94,000, perpetual funding rates haven't spiraled out of control—instead, spot trading volume ratio has actually increased. This itself indicates that this rally is not being driven by leverage accumulation.
More critically, there are changes on the ETF side. Net inflows exceeding $3 billion over the past 5 days, and it's not a one-day pulse but continuous buying pressure. This type of capital is oriented toward medium-to-long-term allocation rather than short-term speculation. The typical characteristics of a short squeeze are "speed, violence, and extreme funding rates," while the current market looks more like structural capital slowly pushing prices higher.
On-chain long-term holders show no obvious distribution, which confirms this point. True market tops are typically accompanied by old coins loosening, chip redistribution, whereas currently it's more about "locked positions + new capital taking over".
Therefore, rather than calling this a short squeeze, it's better described as the lifting phase in the early-to-mid stage of a bull market's major rally. Not crazy, but definitely solid.
#比特币六连涨