This is clearly not the same as the green-box phase. What’s left right now is mostly optimism driven by learned behavior. At the end of the day, it’s a matter of timing. And unlike the green-box period, OTC capital that used to quietly absorb supply is gradually fading. So where does the selling pressure that was previously handled through OTC go next? In the end, that supply has little choice but to flow back onto exchanges. The real question is whether there’s enough demand there to absorb it. There is clear data-backed evidence behind this view, and I’ll share it when the timing is right.(mignolet)