A 24.6% run in just five days sounds bullish until you see the mechanics — leverage was actually shrinking the whole time. Per the Glassnode/Bybit data, shorts made up 89% of every dollar liquidated, meaning this move was mostly forced buybacks, not fresh conviction. Rallies built on squeezed shorts tend to be fast and thin — worth watching if real demand shows up next, or if it just fades once the shorts are cleared out.