Although the trading volume of current and next quarter futures has become quite small, I think the premium indicator can still be used as a reference (only for the big trend, not short-term moves). Currently, the premium is very small, but it’s still a positive premium (higher than the spot price). At the end of 2018 and the end of 2022, there were periods of very high negative premiums (lower than the spot price), which lasted for a while until it was confirmed that the market had left the bear market bottom and returned to a positive premium.