History often repeats itself. The stories experienced by gold and silver will eventually be experienced by Bitcoin as well. To put it simply, the reserve proofs of many large exchanges are fundamentally unsustainable—numbers piled on the books, while behind the scenes they are frequently betting against user positions. This is something the industry is well aware of.

Where is the problem? As more and more Bitcoin is locked on centralized platforms and becomes paperized and digitized, a landmine is planted in the market. Once trust collapses, this false prosperity can instantly crumble. The real short squeeze often only arrives at the moment when this illusion shatters.