Leveraged ETFs are now showing a complete reversal of the first half of the year's bull cycle.

The chart highlights that AuM growth has shifted from performance to net outflows, with the red zone dominating the second half of the year.

This movement is important for a simple reason: less flow → less capacity to push the market into rapid upward movements.

And when flows become negative, the dynamics reverse: forced rebalancing increases volatility and accelerates corrections.