The narrative circulating often overlooks crucial details. Many assume all call positions are acquired outright, projecting dramatic consequences from SLV delta hedging mechanics. However, actual dealer positioning tells a different story. Looking at January 70 strike calls: total open interest sits around 70k contracts. Dealer data reveals approximately 30k calls held long, while dealers carry roughly 40k short positions. This split fundamentally changes the hedging dynamics and risk profile compared to prevailing market speculation. The reality is far more nuanced than doomsday scenarios suggest.