[CryptoQuant Analyst: This Bitcoin Surge Driven by Short Squeeze, Not Sustainable Spot Demand Growth] CryptoQuant analyst Axel Adler Jr stated in an article that under the stimulus of last night's US-Iran news, Bitcoin surged from $74,000 to $78,000. During this period, approximately $526 million in short positions were liquidated within 24 hours, exhibiting typical characteristics of a short squeeze. At 21:00 (UTC+8), there was a peak of approximately $357 million in forced liquidations of short positions. Axel Adler Jr believes that this surge was not driven by new demand but rather by the forced liquidation of short positions. This is crucial because while a short squeeze can rapidly push prices higher, it does not in itself confirm the sustainability of spot demand.