$TRUMP leverage structure is re-accumulating risk. After on-chain lending leverage was significantly withdrawn within a short time, the debt growth rate flipped back from contraction to positive growth, indicating the cleansed long positions are refilling their positions. During the price decline, there is still capital increasing leverage—this is essentially preparing fuel for the next round of long-to-short slaughter. On the contract side, the funding rate turns negative, and open interest shrinks in tandem; the momentum that keeps perpetual contracts propping up prices is weakening. Overall, the $TRUMP down-pinning structure has not changed; any rebound is merely a leverage reset process, not a trend reversal.
$BTC

📊 Technical Analysis:
Current Price: 2.366 USDT
🔴 Resistance Level: 2.597 (1H baseline distance 9.35%)

$TRUMP