BROTHERS MUBARAK, don’t look at how hard the price is being smashed—on-chain is where the truth lies. The spot leverage long/short ratio has pushed to over four hundred, the debt is still shrinking, the market maker’s ammunition hasn’t moved. So what are you smashing with? The more you smash, the more the chips scatter—big whales are picking up quietly in the dark. Everyone getting cut in this tape is retail; I’m going to bottom-fish a round first.