Damn, MSTR ， It has become the most shorted stock in the US stock market. The total short selling amount reached 4.85 billion US dollars. More than 10% of the company's total market value. But tonight, I want to say something that many people haven't thought of: Many of these 4.85 billion miles are not really bearish on MSTR. They bought Bitcoin ETFs and shorted MSTR at the same time, hedging both sides to earn the difference in price. It's purely arbitrage. This difference is crucial. Because once BTC rises, these arbitrage positions will be forced to close. They had to go to the market to buy back MSTR's stocks. The problem is, MSTR's daily trading volume, It only takes 1.7 days to digest all the current empty positions. 4.85 billion empty positions, Squeeze into an exit that can be blocked in 1.7 days. Moreover, Saylor holds over 700000 BTC in his hands. So, BTC only needs to move once, and MSTR's short squeeze will be very spectacular.