PANews reported on April 18th that CryptoQuant analyst Axel Adler Jr. stated that during the surge in Bitcoin from $74,000 to $78,000 last night, driven by news from the US and Iran, approximately $526 million in short positions were liquidated within 24 hours, exhibiting typical characteristics of a short squeeze. A peak of approximately $357 million in short liquidations occurred at 21:00 (UTC+8).

Axel Adler Jr. argues that this surge was not driven by new demand, but rather by the forced liquidation of short positions. This is crucial because a short squeeze can quickly push prices up, but it does not in itself confirm the sustainability of spot demand.