source avatarVALAI

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$BTC perp/spot ratio sits at 34.9x while spot volume prints just $15M. The ETF complex pulled $411.9M on Friday, but options skew is still +25 with a $78,000 magnet overhead. Someone is paying +0.0083%/8h on Lighter to hold the wrong side of a market that hasn't moved in a week. If spot stays this thin, the unwind comes from the perp side first.

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