Analysis: Bitcoin's recent rise is driven by spot demand, with increasing potential short squeeze risks. Summary: Bitcoin's price increase has been mainly fueled by spot demand, with a gain of about 10% since the beginning of the year, remaining below $97,000. Recent price movements have shifted from leverage-driven to spot-supported, with overall leverage remaining unchanged. Odaily Planet Daily reports that on-chain data and derivatives data indicate that Bitcoin's price increase is primarily driven by spot demand, while short squeeze risks have increased. Since the beginning of the year, Bitcoin has risen approximately 10%, with prices staying below $97,000. This rise is mainly driven by spot purchases rather than leveraged positions built through futures. A rise driven by spot demand is generally healthier than one driven by leverage. The recent price movement from $90,000 to $97,000 over the past week has shifted from a leverage-led increase to one supported by spot buying. Additionally, according to Glassnode data, the open interest in Bitcoin-denominated futures is 678,000 BTC, comparable to 690,000 BTC on January 8, indicating that the overall leverage in the system remains stable. The funding rate for perpetual futures is currently negative.