Bitcoin Tops $75K on Short Squeeze; ETF & Strategy Key

The move matters less for the headline level than for its composition: a short squeeze and policy sentiment are momentum inputs, while ETF flows and Strategy's financing loop are the structural ones. That distinction decides whether this is a positioning flush or a durable bid. The dependence on a single corporate balance-sheet engine is the concentration risk worth noting, since it ties marginal demand to capital-markets conditions rather than broad adoption. Whether ETF inflows keep absorbing supply, and whether Strategy's loop stays open, is the open question.