Analysis · Nov 14, 2026 00:20 UTC

lending markets is underpricing basis compressio — lending markets is underpricing desk ris

A clean chart can hide a crowded trade.

Put beside current chatter on “Adam Back makes case for simpler security as Blockstream launches Bitcoin custody system,” the incentive problem looks clearer.

Risk is easiest to ignore precisely when it is most expensive.

A clean chart can hide a crowded trade.

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