On December 10, Spencer Hallarn, head of GSR over the counter, said: "I think most of the bulls in the market have been pretty much purged and a basis for suspicion has been established. Perpetual contract funding rates are very low or even negative, indicating that there is not much leverage in the market. Taken together, this structure is actually quite positive for the Santa rally. I think the market outlook for the end of the year is good."