The spot market has a huge net inflow on the headline—but it’s all negative; the proportion of the active buy orders is less than 30% for three sessions in a row. The sell orders pin the buy orders down and grind them, like keeping them flat to the ground. This isn’t a market where nobody’s playing—it's that everyone who is playing is running. The price is huddling below the moving average, barely breathing. Even the four-hour assessment writes “exhausted.” The basis is also digging deeper into negative territory. I can’t be bothered to listen to the bullish rhetoric again. With this kind of capital, the market’s trend is decided by votes cast with their feet; sideways trading is just a disguise for a mid-trend pause during a decline. Who would take delivery at this level? You’re basically handing chairs to the people leaving.