So you are hinting at Bitcoin backwardation? Perhaps the 'overall market' is being slightly manipulated

You said it not me.

One data point isn't enough to draw a conclusion, just pointing out it is "interesting".
Well, if market indicators are hinting at bitcoin backwardation then I sure would not want to be short a bunch, like 400k, of bitcoins. And I sure would not want to be the counter-party who lent the bitcoins because then the counter-party risk could get very high.
Remember the first rule of panic: Do it first!