$CFX In just twelve hours, lending leverage surged eight hundredfold, while spot longs became overwhelmingly one-sided, up fourfold, yet prices kept sinking day by day. It is clear who is borrowing coins to bottom-fish and who is getting cut. The more leverage piles up, the more fuel there is for liquidations; prices are not only failing to be pushed up, but are instead being crushed by leverage. Debt has started to shrink negatively, and leverage can no longer hold up. Before this wave of deleveraging fully lands, long traders should first figure out whether they can actually withstand it.