Bitcoin has hit a new all-time high, surpassing $106,830, fueled by institutional investors pouring into exchange-traded funds (ETFs). This bullish market trend is driving increased activity in Bitcoin-linked equities. Notably, the Japanese stock MetaPlanet, helmed by CEO Simon Gerovich, has become the most heavily shorted equity due to heightened speculation surrounding its strong position in the Bitcoin ecosystem. MetaPlanet’s high short interest, where over 25% of shares are held for sale, reflects the significant volatility in this sector during periods of market strength. The surge in Bitcoin prices is driving increased institutional engagement with ETFs, which now hold a substantial $129 billion in net assets. This investment highlights Bitcoin’s dominant role within the broader cryptocurrency space. Historical trends suggest that rapid Bitcoin appreciation often precedes intense shorting in Bitcoin-related equities. As such, we anticipate continued volatility as these cycles play out, potentially leading to explosive short squeezes.