Galaxy Research noted that 11 of 13 prior instances of Bitcoin reclaiming the 50-week average on a weekly close held without a lower bear-market low, and four of five completed bear markets bottomed at the first reclaim. However, Nansen senior research analyst Nicolai Sondergaard suggests the rally looks more like a combination of renewed ETF demand and a large short squeeze, rather than a clean macro-driven accumulation event, with large Bitcoin traders remaining net short.