Investors' risk appetite is clearly weakening: The trading volume ratio of leveraged long ETFs to leveraged short ETFs has dropped to about 1.1, hitting a new low since the market bottom on Liberation Day in April 2025. This means that the current level of short-selling activity in the market has almost caught up with long trades. For comparison, this ratio once surged to 3.0 in October last year, when market sentiment was clearly bullish, and funds were heavily betting on an upward trend. Now, this ratio is gradually approaching the low range seen during the 2022 bear market and the 2020 pandemic shock, when investors widely expected the market to continue declining. Looking further back, during the most panic-stricken phase of the 2008 financial crisis, this ratio dropped to 0.4, meaning the trading volume of short ETFs was about 150% higher than that of long ETFs. Does the current situation suggest that *panic* is already becoming overcrowded, or even nearing a phase of extreme levels?