Damn it, ENA took a few bearish candles and got smashed all the way back down to the valley floor, lying there pretending to be dead. Yet the long/short ratio in the lending book has been pulled to an overwhelming and lopsided gap—and they keep stacking buys. Honestly, debt isn’t rising but shrinking; no one’s panicking, no one’s getting liquidated, and there’s no bubble. This batch of longs who borrowed money and are determined to squeeze onto the train clearly isn’t here to stand guard at the platform—they’re quietly taking seats in the bottom. The short-term momentum has just subtly turned around. When the leveraged army grinds through the shorts, anyone who wants to get on the train won’t even be able to touch the doors. The train doors are welded shut—so go ahead, stand outside and stare.