This is incredible: The 2x leveraged short Silver ETF, ZSL, saw +$111 million inflow on Tuesday, the largest on record. This was followed by -$60 million outflow on Wednesday, also the largest on record. Overall, investors have poured a record +$327 million into the fund over the last 2 weeks. In other words, investors are heavily betting against silver after its +145% gain in 2025, the best year since 1979. Over the last 3 months alone, silver prices have surged +58%, sending 2x inverse ETF -69% lower over the period. Silver is set for much more volatility.(The Kobeissi Letter)