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Short take: The rally was heavily amplified by a massive short squeeze: roughly $4B in liquidations, with shorts making up most of the forced exits. ETF inflows also provided real buying support. But the easy squeeze-driven upside may now be behind us. The next leg needs sustained spot/ETF demand rather than continued forced short covering. Key risk: If BTC stalls while traders rebuild leverage, the market could eventually see a reversal and long liquidations.