Opinion · Nov 2, 2026 15:07 UTC

basis trades is forcing a rethink of basis compression

When books are thin, narratives look stronger than they are.

Meanwhile, cycle psychology can either confirm the move or expose it as temporary.

That debate sits next to today’s market focus around “Elliptic Flags First Bitcoin Mixing of Binance Hack Proceeds.”

Meanwhile, on-chain fees can either confirm the move or expose it as temporary.

Treat staking yields as the constraint and validator economics as the amplifier, not the other way around.

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