Short covering pumping $BTC? Not the full story.

Yeah, shorts got liquidated. But that's just fuel on the fire, not the spark.

Real drivers:
• Macro liquidity shifting
• Spot ETF inflows quietly stacking
• Retail FOMO kicking back in

Short squeeze = volatility amplifier. The actual move? Demand structure changed.

If you think it's just shorts, you're missing the bigger picture. This isn't a dead cat bounce.