$MUU Longs are liquidated; this drop has no buyers to catch it—going long is basically handing money to the shorts!! The futures market speaks very plainly: the fee rate never turned positive from start to finish; even with shorts paying extra subsidies, they still couldn’t hold back the longs. After pulling out 10% of open interest in the contracts, active buying can’t even prop up half of the market, and trading volume shrank by nearly 30% as well—leveraged funds collectively laid down their arms, and the price action is basically declared “beyond treatment.” Besides, this is a two-times long leveraged product; when it falls, the downside only magnifies the wound. Any “bottom-fishing” money is actually the shorts’ military rations.