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
•
2026-08-26
#Basis Trade
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The $38 Billion Carry Trade That Runs Bitcoin's Bull Market
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PlanBBear
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2026-08-02
Market Prices
BTC
Bitcoin
$76,638.8
-1.93%
ETH
Ethereum
$2,379.53
-3.34%
SOL
Solana
$97.95
-4.37%
BNB
BNB Chain
$683.9
-0.55%
XRP
XRP Ledger
$1.32
-4.58%
DOGE
Dogecoin
$0.0810
-2.48%
ADA
Cardano
$0.1942
-2.75%
AVAX
Avalanche
$7.12
-2.25%
DOT
Polkadot
$0.8444
-2.93%
LINK
Chainlink
$11.02
-4.05%
Fear & Greed
63
Greed
Market Sentiment
Event Calendar
202615
04
halving
Bitcoin Halving
Block reward reduced to 3.125 BTC
12
05
halving
BCH Halving
Block reward halving event
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
30
04
upgrade
Celestia Mainnet Upgrade
Improves data availability sampling efficiency
18
03
unlock
Sui Token Unlock
Team and early investor shares released
Market Cap
All →
1
Bitcoin
BTC
$76,638.8
1
Ethereum
ETH
$2,379.53
1
Solana
SOL
$97.95
1
BNB Chain
BNB
$683.9
1
XRP Ledger
XRP
$1.32
1
Dogecoin
DOGE
$0.0810
1
Cardano
ADA
$0.1942
1
Avalanche
AVAX
$7.12
1
Polkadot
DOT
$0.8444
1
Chainlink
LINK
$11.02
Hot Tags
Tools
All →Altseason Index
41
Bitcoin Season
BTC Dominance
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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6h ago
Out
18,383 BNB
🔴
0x3c9b...c534
12m ago
Out
34,887 BNB
🟢
0xff38...f7fc
5m ago
In
2,102.41 BTC
💡 Smart Money
0xb312...3b77
Early Investor
+$0.7M
60%
0x04c6...c52e
Institutional Custody
+$2.4M
81%
0xe1d0...50c8
Top DeFi Miner
-$4.7M
79%