$VELVET large accounts are overall reduced into net short positions; the proportion of longs is only around four tenths—this is not de-leveraging, it’s a turn to short. Net longs are cut by more than another tenth; the long tail in positioning is also shrinking. All accounts across the board are now standing on the short side. The spot large orders remain completely unchanged; not a single support fund is coming in. Any rebound is merely an exit window for escape.