Wu said that CryptoQuant analyst Axel Adler Jr stated that last night, under the influence of US-Iran news, Bitcoin surged from $74k to $78k, during which approximately $526 million in short positions were liquidated within 24 hours, showing a typical "short squeeze" characteristic. Among them, at 13:00 UTC, there was a peak of about $357 million in short liquidations. He believes that this round of price increase was more driven by passive short covering rather than new spot buying; short squeezes can rapidly push prices higher in a short period, but they do not necessarily indicate a sustainable increase in spot demand.