$CRCL Rushes upward toward fresh highs despite being “new highs”—but the leverage is sabotaging it from behind. With the fee rate at zero, longs won’t even pay a cent of funding cost—this pump higher is a blade handed to the shorts. On the contract side, proactive sell orders have been pushed above buy orders, knocking the long-vs-short ratio back to a 50/50 split. In the last eight rounds of sampling, the positive fee rate that should have been there has been wiped out to zero. Leveraged funds are riding the momentum to unload. When it’s climbed this far and no one is willing to pay to go long, it shows the market isn’t being recognized by leverage at all—poke it once and it breaks.