treasury diversification continues to pressure t — basis trades is rewriting assumptions ab

Historically, stretches where basis trades leads without support from stablecoin minting invite sharper reversals.

Put beside current chatter on “CFTC Reportedly Warns Kalshi of Charges Over Prediction Market Launches,” the incentive problem looks clearer.

Historically, stretches where treasury diversification leads without support from staking yields invite sharper reversals.

For operators, process beats prediction when the tape is noisy.

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