We've observed heavy short liquidation dominance during the rallies into ETF approvals. Despite market-neutral cash-and-carry traders favoring short positions, directional short-sellers are being liquidated at a higher rate than longs. Notably, during both ATH peaks in 2021, long traders dominated liquidation volumes due to forced closure of leveraged positions amidst intra-day volatility. The prevalence of directional short traders facing liquidation indicates a significant number of traders betting against the uptrend since October.