$ZEC Wow! On-chain lending and borrowing rates surged nearly sixfold in half a day; yet the liabilities didn’t move at all. Numbers are going berserk, but real money hasn’t kept up. This is leverage churning with no substance. The spot leverage long/short ratio has reached 77:1—so distorted it’s at its extreme. In just twelve hours, it has already flipped and dropped by nearly 15%. The chairs under the long positions are being pulled out one by one. Speculative fire has been pushed to the top; everyone chasing longs is filling the leverage potholes.