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No matter where you look in Emerging Markets, there's blood on the streets. And while the sell-side seems sure that this is the next dip to buy, or falling knife to catch, markets remain unimpressed and judging by the massive sale in EM Debt today... so is at least one other whale.

The VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, or EMLC, absorbed a single, massive block sale of almost 19 million shares, worth $321 million, at 10:28 a.m. in New York Wednesday.

Was it a massive long cover from bets earlier in the month?

The trade helped push its daily volume to a record $399 million as of 12:21 p.m., about 13 times the average daily turnover during the past three years.

This follows 42 days straight of no inflows in EM equity ETF...

This is far from over - especially for EM stocks...

How many more funds are about to puke their 'no brainer' longs?