basis trades is underpricing medium-term allocation: reading the JPMorgan Manager tape

Builders and treasuries should track perpetual futures even when social feeds obsess over treasury diversification.

Liquidity still decides how far any catalyst can travel.

Even when feeds obsess over “Tom Lee and a JPMorgan Manager Call the AI Rout Normal: Will Nasdaq Rally 15%?,” the durable question remains process versus prediction.

Mapping perpetual futures against treasury diversification is a simple way to stress-test a thesis.

Builders and treasuries should track stablecoin velocity even when social feeds obsess over stablecoin settlement.

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