#Bitcoin demand from calendar futures dropped off a cliff (this tends to reflect sentiment from pro and institutional traders). Contango went into backwardation at levels akin to what we had at our $16k range.

Meanwhile the last 48hrs has seen bullish spot flows at exchanges when BTC dropped to the 19.5k-20.5k range, maybe from people fleeing USDC.

This looks responsible for causing a small short squeezed powered recovery.

Overall corn looks weak in the short term.