treasury diversification is the overlooked driver of basis compression

Attention jumps quickly; capital moves more slowly.

Put beside current chatter on “Tesla and SpaceX Stocks Fall as Investors Worry About Elon Musk’s Political Risk,” the incentive problem looks clearer.

The healthier setup is alignment: stablecoin settlement improving while cross-exchange spreads stays orderly.

A clean chart can hide a crowded trade.

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