Deep Tide TechFlow news. On July 16, according to CryptoQuant analyst Crazzyblockk, the current BTC exchange leverage ratio has already broken into the top 5% range relative to its historical maximum, far above the historical average. Meanwhile, exchange stablecoin reserves continue to shrink, spot liquidity is severely insufficient, and the borrowed margin size has already greatly exceeded the spot buy orders that the market can absorb. The analyst noted that this round of rally is built on borrowed margin without underlying support; the market structure is extremely fragile. Deleveraging events are not a matter of probability, but a mathematical inevitability of mean reversion. Once market makers trigger liquidations, the price will face a severe downside shock. Investors are advised to reduce leverage exposure, protect their spot positions, and only consider opening new positions after leverage indicators fall.