Based on the growing backwardation of -80 points -4.1% and ever-increasing open interest, I make the assumption that some not a small participant was lured into the volume, who bought into the initial backwardation and decided to play long.
But the backwash doesn't shrink, but only increases, and you don't have to sing songs about divas and about expectations of correction of the collapse of a landslide.
This member is systematically wetted, spinning each time to new poses.
Soon the bear will be full, the spot will begin to fall and heavy artillery will hit the ri, and then external factors will help to correct.
IMHO