$BTC Wow! The leveraged long positions had already put themselves on the fire; I signed the liquidation documents for them. On-chain lending and borrowing surged by dozens of times overnight. Liabilities flipped from shrinking to expanding. The spot leveraged long/short ratio is already wildly distorted and still being pushed higher—leverage stacked to the top, chips scattered like sand. All that’s needed is one match to ignite a chain reaction of forced liquidations. On the contracts side, they don’t even give you face: futures have already moved into a backwardation situation, and not a cent of the derivatives’ money will be paid out—only waiting for the liquidation banquet to begin.