BTC's Rally Was a Short Squeeze, Not Real Buying, CryptoQuant

Bitcoin’s recent 4% uptick to about $79.4K was driven largely by futures and options activity rather than spot buying, according to CryptoQuant analyst Carmelo Aleman. Open interest rose from ~$24.8B to nearly $28B and a short squeeze forced over $1.19B of short liquidations (BTC ~$607M, ETH ~$581M), creating leveraged buying pressure that pushed prices higher. Around $9.87B of BTC and ETH options are expiring, with Bitcoin’s max pain near $72K, adding further uncertainty. The piece warns the rally is fragile — the trend remains technically higher but a sustained move requires real spot demand; otherwise a reversal toward lower levels is possible.