The situations I was concerned about are becoming reality, one by one. When OTC buying demand declines, OTC selling supply eventually has to move into exchanges. Most institutional trades are very large, and to be executed, they ultimately need to go through exchanges. This process is already underway. We have recently seen more frequent cases of large amounts flowing into exchanges, and this is a clear fact. For the many expectation-driven narratives in the market to go beyond just expectations, real buying demand must be reflected in prices. So far, there are no clear signs of that. There may be short-term rebounds that create optimism, but the current market structure makes prices vulnerable to declines under selling pressure.(mignolet)