I can’t be bothered to keep repeating this SPCX buy-side narrative— the volume that proactively eats the sell orders accounts for nearly 80%. So where’s the price action? It just stays flat, motionless, and you can’t even squeeze out a decent rebound. Clearly, the bulls are desperately taking in inventory, while someone on top is pressing down with larger trays. On the spot side, not even a single large order has flowed in. The order book buy depth is only one-third of the sell side. Talk is cheap—where’s the real money? This kind of market structure is the most tormenting: the more the bulls hold on, the more panicked they feel. When the next wave of forced liquidation and stop-loss stampede comes, the contract positions will have to shrink too. The smart money has already started pulling back.