$ARB This wave is up by nearly half, but futures open interest quietly withdrew 7% over seven hours—leverage is just starting to pull back, and the price is just bloated. With sell-side volume actively increased to pin buying down, futures are still at a discount—what can the longs use to catch the bids? On-chain lending has fallen by 70%. People who borrowed to trade have all run. Which market maker pulls up first and then withdraws leverage? Is this the last shakeout before takeoff? The final bite of meat before distribution.