$PUMP The life of the bulls is entirely being sustained by borrowed leverage. Within twelve hours, lending volume surged dozens of times, debt growth flipped from negative to positive and is still pushing higher. The spot long-to-short ratio has peaked at over fifty to one, yet it has already begun to loosen — one-sided crowded positions mean that once the wind shifts, a chain reaction of liquidations follows. The real large orders have long since exited from the spot side, and all that is left to take the bag is this pile of leveraged goods.