Opinion · Nov 13, 2026 00:10 UTC

basis trades is underpricing treasury policy

If basis trades deteriorates while stablecoin minting looks fine, the tape often turns defensive first.

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

Against the backdrop of “Strategy stock sheds 5% amid MSCI index removal, Bitcoin sell” and “SpaceX”, positioning still matters more than slogans.

If both miner behavior and Bitcoin improve together, follow-through is more believable.

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

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