Analyst: Bitcoin Rally Primarily Driven by Futures Short Liquidations; Binance Short Squeeze Intensity Hits Near Two-Year High

CryptoQuant analyst BorisD stated that the main driver of Bitcoin's recent rally is not spot buying, but passive buying triggered by concentrated short position liquidations in the Binance futures market. Data shows that Binance's short squeeze metric reached 6.94 this week, higher than November 2024's 5.38, marking the highest level since then. If sustained spot demand fails to follow through, the futures-driven rally could still face pullback risks as momentum fades.