$ACE 空!! Leverage on-chain has already bound itself into a bomb. The leverage lending ratio is propped up at the ceiling, but the spot long/short ratio has been driven through to the short side—within twelve hours, it collapsed in an almost zero-like wipeout. Debt growth abruptly went from a rapid charge to a complete stop and then to a dry-out—now the long positions that took leverage have already run out of ammunition. In half a day, the concentration of chips has been diluted by nearly half; big players have broken up and liquidated in pieces to escape. Spot large orders are still net outflow after fifteen minutes—before the “throwing knife” even lands, don’t catch it.