$CL The ammunition for this round of bulls has already been spent. On the derivatives side, active buy volume drained nearly 40% over seven hours. Although the active long-short ratio is still close to 2:1, with buy orders accounting for 64%, funding rates are hugging zero and no one is willing to pay to hold positions. The buying power has long since been a spent force. In the spot order book, sell volume across the top 20 levels is three times thicker than buy volume, and the price is stuck firmly just below the day’s high. A drop back down is only a matter of time.