$ARB hit! This round’s support has been burned out by on-chain leverage, not bought out of spot—debt growth accelerated to multiple times the 12-hour moving average in the latest tier; leverage is still being rapidly increased, yet the price can’t even reach the day’s high and stays stuck in place. The more aggressively it’s added, the more it can’t push the price up. Borrowing utilization collapses—nearly 90% has crumbled in half a day. This leverage unwind is only a matter of time; the longs that rushed in are all fuel prepared for liquidations. The order book’s active sell orders are still suppressing the buy side, and the spot market is helping deliver the finishing blow.