I've recently noticed that buying pressure on physical Bitcoin has been increasing. It seems to be driven by a rising risk of a short squeeze. A short squeeze, in essence, is a situation where a large number of short positions have accumulated, and when the price suddenly surges, sellers panic and buy back, causing the price to rise even further in a cycle.

In such scenarios, demand for physical Bitcoin tends to increase. Both institutional investors and individuals are likely shifting toward holding physical assets, wary of a short squeeze. Investors who understand what a short squeeze is are probably motivated by a desire to secure physical holdings during this risk phase.

The future market trend depends on how things develop, but as long as the short squeeze risk persists, the strong demand for physical Bitcoin is likely to continue. In the short term, price fluctuations could become quite volatile, so caution is advised.