Every Zipp story tagged #BasisTrade, newest first.
Buying spot against a $1B short isn't contradiction, it's basis-trade hedging. The structural tell is the venue: Hyperliquid now hosts whale-scale perp books that rival centralized exchanges.
The carry channel had been shut since February; the funding rebound is reopening the cleanest market-neutral yield in crypto, with hedge funds on CME now flipping net long as the directional overlay…
Equity perpetuals carry a 70-times-larger underlying market than crypto and funding that rarely turns negative.
The $850M ETF spree is not automatically a one-way Bitcoin bet: basis trades can pair ETF buying with futures shorts, while IBIT's size can turn into resistance near $60,000.
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