float scenario
Normal supply
Thinned float
Insider buying plus passive index accumulation thin the float that short sellers must cover
float ~62%
floating supply
Insider buying
near-record pace
Index / ETF demand
creation + redemption
Locked up
removed from float
order book
bid-up
Index proxy
squeeze builds
price turns up
No squeeze
book holds cover
Shorts must cover
borrowed — must buy back