Uncertain Market Signals in Hindsight

Looking back at the SLV flows I was monitoring, those mid-level bids could have represented various positions—either buy-to-open or buy-to-close, sell-to-open or sell-to-close—so it's unclear whether they were synthetic longs or shorts. Based solely on the price movement and broader market conditions, my interpretation leans toward them being synthetic short exposure. — Source fragments: