Wu Says he learned that CryptoQuant analyst Crazzyblockk posted that Bitcoin exchange leverage deployment has risen to the top 5% of historical extreme ranges. Data shows that the size of loan collateral margin has sharply exceeded spot liquidity; the current market upswing lacks support from underlying spot liquidity needed to sustain it. Crazzyblockk said this indicator has recently broken through the upper risk limit; it remains elevated, clearly above the historical average, indicating the market is in a highly fragile state with a de-leveraging risk.