Wu said that CryptoQuant analyst Axel Adler Jr. stated that last night, under the influence of US-Iran news, Bitcoin surged from $74,000 to $78,000, during which short positions were liquidated by approximately $526 million within 24 hours, showing typical "short squeeze" characteristics. Among them, around $357 million in short liquidations peaked at 13:00 UTC. He believes that this round of rise was more driven by passive short covering rather than new spot buying; short squeezes can quickly push prices higher in a short period, but they do not necessarily indicate a sustainable increase in spot demand.