ZEC’s leverage token positions are basically a meat grinder dinner—borrowing has collapsed by nearly 90% in half a day. All the dirty leverage has been washed clean. This is the final heavy blow at the bottom. The on-chain debt growth rate has just flipped from negative to positive; fresh money steps in on the backs of the dead. The spot long/short ratio is still firmly pinned against the long side. Whale positions are also being increased in sync; the main players have already quietly started lifting the sedan. At this point, not daring to go long is effectively handing over money.