Opinion · Nov 5, 2026 06:30 UTC

basis trades is forcing a rethink of basis compression

If both basis trades and stablecoin minting improve together, follow-through is more believable.

If both user retention and stablecoin velocity improve together, follow-through is more believable.

Against the backdrop of “Snap Stock Wipes Out Its Earnings” and “Fidelity's Timmer Doubts 60/40 Revival as Stock”, positioning still matters more than slogans.

Desks that separate Asia session flows from on-chain fees tend to react less emotionally to noise.

A simple checklist—on-chain fees, perpetual futures, and inventory—beats improvising under stress.

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