Ether continues to pressure basis compression: reading the Elliptic Traces tape

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

Historically, stretches where lending markets leads without support from NFT liquidity invite sharper reversals.

Even when feeds obsess over “Elliptic Traces $124M in Bitcoin Swaps From Binance Hack Funds,” the durable question remains process versus prediction.

Useful frameworks survive longer than seasonal slogans.

If both lending markets and NFT liquidity improve together, follow-through is more believable.

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