$HYPE I’ll put it this way: the market is empty!! The basis has been crushed into negative territory. The futures price is stuck to the spot price’s heels, climbing like it’s dragging its feet. Even the long side can’t prop up anything—no matter how much they try to offset the backwardation/premium squeeze, it’s not enough. In this kind of tape, only the shorts are making money. In the four-hour and daily charts, both directions are pointing downward. Spot is dropping several points in a single day, and the sell orders are pinned down hard in the order book. Don’t reach out and catch the falling knife—just stay short!!