I’m just saying: tickets like $KORU with three-times leverage—its valuation is simply the “three times” shadow inflated from the underlying, with not a shred of its own story. The market cap is all water—one pullback and it collapses. The order book looks intimidating: the buy side is thicker than the sell side, and the bid-ask spread is squeezed extremely narrow. But the notable price increase is only propped up by contract leverage. The underlying has no independent valuation support. The longer you hold it, the more the net value shrinks. Spot large orders show net inflows of zero across both accounts—no real cash and gold ever shows up. It’s a frenzy built from leverage; the day the ladder is removed is the zeroing-out performance.