funding rates is the overlooked driver of basis — protocol revenue quietly dominates retai

Most blow-ups start as comfortable consensus.
Put beside current chatter on “DBS Survey Finds 88% of Businesses Testing or Using Tokenized Money,” the incentive problem looks clearer.
Historically, stretches where funding rates leads without support from Asia session flows invite sharper reversals.
Cycles rhyme, but the plumbing underneath keeps changing.
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