The numbers show that Paul has been spending quite a bit of the money he has, though. The Paul campaign says it now has $2 million cash on hand. But at the second quarter, the campaign had over $4.1 million cash on hand — meaning the campaign spent more than it raised in the third quarter. One of the costs incurred during the third quarter: transferring $250,000 to the Republican Party of Kentucky to help fund the state’s caucuses, so Paul is able to run for both president and his senate seat concurrently.

There have been other concerning signs. Purple PAC, a pro-Paul libertarian super PAC, said this week that it was no longer raising money for him. And the latest Real Clear Politics polling average has Paul with 2.3% of the vote, meaning he is at risk of being bumped down to the undercard debate — candidates for the next debate must meet a threshold of 3%.

The campaign sent a note to top donors and supporters this week alerting them to the fundraising numbers coming out and emphasizing that the campaign is not running an unwieldy operation like Walker’s…

Despite the glimmers of hope, one adviser to the campaign who spoke on condition of anonymity said “I think there’s already been some cutting back,” and that “the campaign headquarters used to be jammed with people coming and going and now it’s quite thinned out.”