$RAVE Because no one is willing to take the spot position, and no one believes it's valuable enough to buy in, there are no counterparties. Until the spot market is fooled into buying the dip by naive investors, its contracts will continue to be pushed up to a level it considers reasonable. The limit for this level is based on its available funds, which, given its current size, is roughly capped at 15U. The more no one is willing to buy the spot, the more aggressively it pushes the price higher.