To start with the unpleasant part: $SOXSB is sliding faster, but trading volume hasn’t kept pace.

It’s down 8.52% over the rolling 24 hours and fell another 5.26% in the latest full hour. But spot trading volume over that hour was 178,227 USDT, down 36.15% from the previous hour. At least based on spot data, this isn’t a high-volume sell-off: prices are weak, and trading activity is declining too.