institutional desks is the overlooked driver of basis compression
The loudest story is not always the decisive one.
Put beside current chatter on “Midterms Blue Wave Makes $917K for One Polymarket Trader, If Alaska Doesn’t Flip,” the incentive problem looks clearer.
Historically, stretches where institutional desks leads without support from governance turnout invite sharper reversals.
Ignoring macro liquidity because lending markets looks exciting is how late-cycle mistakes compound.
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