Bitcoin's price has increased by more than 21% since the beginning of the year. However, analysts have observed that the present bitcoin short-squeeze ratio is lower than previous years.

At the beginning of January, bitcoin's price hovered around the $42,000 mark, but in February, it exceeded $52,000 for the first time in 27 months. This rapid surge in price would usually trigger a significant short-squeeze. However, this week's Bitfinex Alpha report said, "the magnitude of the short-squeeze observed so far this year has been small compared to the previous year."

"Large whale investors have not been taking substantial short positions, given their expectation that prices will continue to rise," Bitfinex analysts added.