It's very simple, you're not playing against other players; the ETF price is guided by the platform. You could say that the platform wants to make money off you. The ETF, S and L, have always been in a downward trend, dropping to a certain point before merging, then continuing to fall. After the merger, no one knows where the excess tokens go, but there are always sell orders—no matter what the price is, there are always sell orders.