Everyone is long. The fuel sits below. 21:00 UTC, 49 perps: ENA 94.7% long, XRP 91.7%, ARB 89.8%. Liquidation walls stack under price. One short cleared the bar: ARB, 9.8x fuel below, small size. 22:20 UTC recheck: still 89% long, book 765M to 441M in 80 min.