SOXL has gone quiet; the contract end’s long positions have completely fizzled out. Active trading follows shrinking volume, buy-side share is less than half, and sell-side consistently keeps the pace. Fees have fallen from their peak to below the average level; the prospect of interest payments can’t be played out, and the value of open positions isn’t rising—it's shrinking instead. Even though spot large orders are still flowing in at zero, with no real-money backing, this price level is the short seller’s cash machine.