The bulls are at their last line of defense, and the current situation is still not very optimistic. The spot premium index is already in negative territory, and we don't really know why funds in US dollars are continuously offloading...

In short, it seems that some people are continuously retreating, and the data from ETFs is also not looking good. This kind of persistent but not accelerating decline is truly disheartening...

That being said, if we break below this last level of support, we will have to look at positions like 110k or 108k...