[Analysis: Recent Bitcoin Surge Driven by Spot Demand, Potential Short Squeeze Risk Rising] Odaily Planet Daily reports that on-chain data and derivatives data indicate Bitcoin's price increase is primarily driven by spot demand, while the risk of a short squeeze is rising. Bitcoin has risen approximately 10% year-to-date, with its price remaining below $97,000. This recent surge is mainly driven by spot purchases rather than leveraged positions established through futures. Spot-driven increases are generally healthier than those driven by leverage. The recent price movement from $90,000 to $97,000 has shifted over the past week from being leverage-dominated to being supported by spot purchases. Additionally, according to Glassnode data, the open interest in Bitcoin-denominated futures stands at 678,000 BTC, comparable to the 679,000 BTC recorded on January 8, indicating that overall leverage in the system has remained relatively stable. The perpetual futures funding rate is currently negative. (CoinDesk)