$BTW Don’t fool yourself. This market’s bulk has already moved out. Retail investors are still waiting for new highs, while the big players first undermined the setup: over 60% of long positions are held by less than 30% of accounts. Over seven hours, both the proportion of long positions and the proportion of long accounts shrank at the same time. That small group with heavy exposure is withdrawing in batches, and the chips are being dispersed toward retail investors. The contract side reveals it too: the basis keeps sliding lower and can’t be contained, still deducting points from this play. In the end, the ones left holding the bag are the long positions that refuse to leave despite being stuck at high levels.