QNT’s leveraged borrowing ratio has soared to nearly 20x, borrowing growth over the past 12 hours has quadrupled, and the spot long-to-short ratio has broken above five and is still climbing. A slight dip in liabilities can’t possibly rein in the buildup of leverage—on-chain capital is doubling down on longs, not retreating! A brief price pullback and people are already panicking and calling for a short? Put simply, someone is quietly accumulating amid heavy supply, while would-be buyers are still waiting for a lower price. People only see the thief making off with the loot, not getting caught. I’m choosing to follow the leverage.