I’m too lazy to listen to the bulls telling stories about this order book anymore—spot capital has seen more than a dozen consecutive candles with no green at all. Over the past three days, net inflows have been entirely outflows, and the big orders have been running even more diligently. Prices have been drifting down by more than one percent, while futures open interest is shrinking in sync. The basis has flipped negative outright, and the bulls can’t even hold onto pricing power. And with this kind of structure, people are still calling for bargain-hunting? The position you’re holding must be so trapped you can’t even say anything anymore, right?