A 24.6% gain in five days is substantial, yet the drop in active leverage suggests this wasn't fueled by new risky capital entering the market. It looks more like a cleanup of existing short exposure than a structural shift. With shorts accounting for 89% of liquidations, this surge was essentially pressure relief. Without fresh inflows, the technical foundation remains shaky, but clearing that debt could lay a cleaner path forward. Does this mean we're seeing reduced overhead resistance now that those shorts are gone?
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