Over the past twelve hours, lending volume more than doubled. It looks like fuel for a bull market, but the long-versus-short leverage ratio in the spot market has also collapsed by nearly 20%—the borrowed money is all stuck in the hands of the longs, burning hot and uncomfortable. The big players’ position share is still shrinking. The short-term push higher is just虚火（a blaze) generated by leverage; the old money has already been withdrawing, and new money is still rushing in to take the bags. I’m too lazy to keep hearing people shout about a breakout. Once the fuel burns out, what’s left will be a mess everywhere.