Perhaps. But the discrepancy in gross vs net numbers may also...

Perhaps.
But the discrepancy in gross vs net numbers may also just reflect a significant amount of “onward lending” activity.
The plot is thick and perhaps the truth lies somewhere in the middle?!
I don’t doubt that a decent chunk of shorts have been hedged with long positions, but kept “open” to provide an illusion of “the experts predicting this will go lower” - A sly tactic perhaps to part more people from their shares and show any recovery while they continue to accumulate down low... imo!