The market is now held up not by spot, but by derivatives

More and more leverage creates the illusion of demand that isn't really there

The price rises not because someone is buying the asset

It rises because someone is taking risk

This is the first and most dangerous factor

But this scheme used to work

Huge volumes in derivatives looked like real interest

And that’s what attracted ETF money and gave us the upside

But now ETF investors see the picture and are changing their strategy