Yep. My read on current weakness is any firm that is spot long and perp short and got ADL’d now needs to unwind their long positions to get their book at balance.
If a firm got carried out and now is going to be winding down, that could be significant sell pressure as it winds down. Not systemic, but a steady marginal seller at the same time that DAT demand evaporates.
Time will heal this and as I keep saying I believe 2026 will be constructive but we need time to regain equilibrium. Be well