order-book depth is fragmenting basis compression
In practice, order-book depth and venture funding interact before price fully reflects either one.
Stay close to what users and balance sheets are actually doing.
That debate sits next to today’s market focus around “USDC Enters Dual EU Supervision as EBA Oversight Takes Effect.”
Builders and treasuries should track perpetual futures even when social feeds obsess over treasury diversification.
None of this is financial advice; it is a framing for cleaner decisions.
Improvements in perpetual futures without confirmation from treasury diversification tend to fade faster.
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