$SOL In spot leverage, the long-to-short ratio has been piled up to more than a dozen to one. All the longs are squeezed on the same side on the chain. This isn’t conviction—it’s lining up to get killed. The long-to-short ratio is still being pushed higher, while leverage loans haven’t been loosened at all and the concentration of chips has loosened another notch—the more borrowed longs you pile in, the more hollow they become. Spot funds ramped up for three hours straight, with a full screen of bearish candles. The money is moving, and the long positions are all handing knives to the shorts.