Everyone is staring at those few bearish candles and the spot outflows, but the on-chain leverage lending ratio has doubled—can’t you see it? The main players borrowed money and added positions to this extent; the contract’s active buy orders are still pressing while sell orders are kept down. The whales’ accounts have long positions taking up nearly 70%. While others are panicking and running, leveraged funds are piling in. Once the shorts realize that the borrowed chips can’t smash the order book, it’ll be their turn to pay the interest. As I’ve always said: the uglier the chart looks, the more honest leverage is.