Not like a crazy bull run, BTC more resembles the pre-main rally textbook phase.

If this were a short squeeze, it would seem too "restrained." Six consecutive days of gains, with the price approaching $94,000, yet the contract funding rate hasn't shown obvious signs of overheating. Meanwhile, the spot trading volume share is increasing, which itself indicates—this rally is not driven by leverage stacking.


More importantly, the changes on the ETF side are noteworthy. In the past five days, there has been a net inflow of over $3 billion, and this is not a single-day spike but continuous buying. This type of capital behavior leans toward medium- to long-term allocation rather than short-term speculation. The typical features of a short squeeze are "fast, fierce, and accompanied by extreme funding rates," but the current market seems more like it is being gradually pushed higher by structural funds.


On-chain long-term holders are not showing obvious distribution, which further confirms this. True market tops are often accompanied by old coins loosening and reallocation of chips, but currently, it’s more about "holding + new capital absorption."


Therefore, rather than calling this a short squeeze, it’s better described as the lifting phase of the first half of a bull market. Not crazy, but very solid.
#比特币六连涨