Leverage-driven pumps look great until they don’t ⚠️ When perp OI and funding ramp while spot demand stays weak: • Price is carried by leveraged longs, not real buyers • A thick liquidation stack sits right below price • One sharp wick can trigger a cascade of forced selling Healthy move: spot + ETF flows lead, dips are bought, funding normalizes. Leverage pump: perps drag price higher, funding grinds up, liquidation wall builds underneath. Leverage is a double-edged sword. These moves usually unwind faster and deeper than most expect.