The Oracle of Doom: Arthur Hayes, Ethena, and the Perilous Promise of the Basis Trade
I. The Signal in the Silence On the evening of August 25th, a quiet transacti...
Editorial
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CryptoStack
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2026-08-26
#Basis Trade
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Market Prices
BTC
Bitcoin
$81,563.5
+0.24%
ETH
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$2,417.2
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SOL
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$104.11
+1.04%
BNB
BNB Chain
$717
-0.50%
XRP
XRP Ledger
$1.3
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DOGE
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ADA
Cardano
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AVAX
Avalanche
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DOT
Polkadot
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LINK
Chainlink
$12.06
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Fear & Greed
55
Greed
Market Sentiment
Event Calendar
202615
04
halving
Bitcoin Halving
Block reward reduced to 3.125 BTC
08
04
upgrade
Solana Firedancer
Independent validator client goes live on mainnet
22
03
unlock
Optimism Unlock
Circulating supply increases by about 2%
10
05
upgrade
Ethereum Pectra Upgrade
Raises validator limit and account abstraction
28
03
unlock
Arbitrum Token Unlock
92 million ARB released
12
05
halving
BCH Halving
Block reward halving event
18
03
unlock
Sui Token Unlock
Team and early investor shares released
30
04
upgrade
Celestia Mainnet Upgrade
Improves data availability sampling efficiency
Market Cap
All →
1
Bitcoin
BTC
$81,563.5
1
Ethereum
ETH
$2,417.2
1
Solana
SOL
$104.11
1
BNB Chain
BNB
$717
1
XRP Ledger
XRP
$1.3
1
Dogecoin
DOGE
$0.0799
1
Cardano
ADA
$0.2225
1
Avalanche
AVAX
$9.88
1
Polkadot
DOT
$1.13
1
Chainlink
LINK
$12.06
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All →Altseason Index
41
Bitcoin Season
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Altseason
Gas Tracker
Ethereum
28 Gwei
BNB Chain
3 Gwei
Polygon
42 Gwei
Arbitrum
0.5 Gwei
Optimism
0.3 Gwei
🐋 Whale Tracker
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1d ago
In
27,891 BNB
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1d ago
In
21,608 BNB
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0xd892...09e5
2m ago
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2,517 ETH
💡 Smart Money
0xdbc8...700b
Institutional Custody
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66%
0x6eed...6a5a
Arbitrage Bot
+$3.8M
68%
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Institutional Custody
+$1.8M
68%