CryptoQuant analyst: This round of Bitcoin price increases is driven by short squeezes, rather than sustainable growth in spot demand.

CoinFeed reported on April 18th that CryptoQuant analyst Axel Adler Jr. stated that during the surge in Bitcoin from $74,000 to $78,000 last night, driven by US-Iran news, approximately $526 million in short positions were liquidated within 24 hours, exhibiting typical characteristics of a short squeeze. A peak of approximately $357 million in short liquidations occurred at 21:00 (UTC+8). Axel Adler Jr. believes this rise was not driven by new demand, but rather by the forced liquidation of short positions. This is crucial because a short squeeze can quickly push up prices, but it does not necessarily confirm the sustainability of spot demand.