According to The Kobeissi Letter, the 2x leveraged inverse silver ETF ZSL saw a $111 million inflow on Tuesday, the largest on record, signaling aggressive bearish positioning against silver prices (Source: The Kobeissi Letter, X, Jan 10, 2026). This was followed by a record $60 million outflow on Wednesday, highlighting rapid repositioning and heightened flow-driven volatility in the fund (Source: The Kobeissi Letter, X, Jan 10, 2026). Over the last two weeks, investors have added a record $327 million to ZSL, indicating heavy short exposure to silver by ETF traders (Source: The Kobeissi Letter, X, Jan 10, 2026). The flow surge comes after silver gained 145% in 2025, its best year since 1979, drawing heightened contrarian bets via inverse leverage (Source: The Kobeissi Letter, X, Jan 10, 2026). In the last three months, silver rose 58% while ZSL fell 69%, underscoring the extreme move and decay risks in leveraged inverse exposure during strong uptrends (Source: The Kobeissi Letter, X, Jan 10, 2026). The Kobeissi Letter states silver is set for much more volatility, suggesting traders should expect continued sharp moves in both spot XAGUSD and leveraged ETFs (Source: The Kobeissi Letter, X, Jan 10, 2026).