😨 #BTC CQ: The recent price surge can be attributed primarily to a wave of liquidations in the Binance futures market, rather than increased spot buying. This week, the short squeeze rate on Binance hit 6.94, the highest level since late 2024. Such short squeezes are typical in bear markets. With futures supply decreasing and natural spot demand failing to keep pace, the risk of a more substantial decline in the future remains high.