$BTC On-chain leverage went out of control directly. Borrowing volume multiplied several times within a dozen hours. The longs aren’t just shouting “go long”—they’re borrowing money and fighting. Both long and short leverage have been pushed to the extreme, and liabilities are still piling up. This is real cash, real leverage, and real buying pressure—everything is staked on the upside. Large accounts’ positions are also concentrated on the long side, while institutions are lending support in the shadows. In this setup, the shorts are basically walking straight into the muzzle of the gun.