$SOXS . The long side on the contract side is just propping up the show: active trading lasted seven hours, and then sliced off more than 30%. The long-to-short ratio is barely held just above the line, and as soon as the bid share barely edges over half, it loses momentum—when volume dries up, the bid queue becomes a wall made of paper. Those positive interest rates are hard-won: out of eight sampling attempts, price only poked its head up three times. The intention to pay interest is so thin you could see through it. Position count is still trending downward; even if the price is pushed higher again and again, it’s just price self-entertainment—no extra fuel is added to the leverage. By the position-size definition, large holders have long exposure under 30%. The biggest-money crowd has already welded their direction onto short positions. The “fire” is fake, the pit is real, and every rebound is a pit being freshly dug for the longs.