dollar strength continues to pressure basis compression

Historically, stretches where validator economics leads without support from market makers invite sharper reversals.

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

Put beside current chatter on “Bitmine Says ETH Treasury Exceeds Six Million Coins,” the incentive problem looks clearer.

The loudest story is not always the decisive one.

In practice, basis trades and stablecoin minting interact before price fully reflects either one.

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