another 100K-200K BTC in paper claims** (via CME OI growth to $30B+) tips the squeeze, ripping to $120K-$150K. Monitor CME OI and $103K close; that's the spark.

Tipping Point Scenarios**:

- **Mild Squeeze (Add 50K BTC Paper)**: $103K close → $9B liquidations → 20-30% rip to $110K-$115K. Fills $104K gap; CME OI jumps 20%.

- **Major Rip (Add 100K-150K Paper)**: ETF inflows + China deal → $15B shorts nuke → 50%+ to $135K+. Mirrors Oct 2025 ATH run; rehypothecation unwinds add fuel.

- **Moonshot (200K+ Paper)**: If CME OI doubles to $40B (400K contracts), quantum fears or OG sells add downside liquidity—then boom: $150K+ by Q1 2026. X bulls eye $126K "max pain."