$UNI On-chain data tears off the last shred of pretense: the margin lending ratio has been nearly wiped out within twelve hours—liabilities remain in negative growth, and the leveraged buy-side has been bloodily liquidated out of the position. Derivatives leverage has been washed clean, leaving nothing. Real, hard-money lending is running away; what’s left is all existing positions cutting each other down. The price is grinding right along just above the recent lows; the four-hour trend is steadily heading downward. Anyone who charges in to bottom-fish right now will be the next one to get chopped.