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$ONE — The fact that fees didn’t collapse after hitting the cap suggests the fees aren’t simply being used to lure buyers in. If that’s the case, the divergence between the spot and futures prices could simply be the result of whales aggressively sweeping the spot market while retail traders keep shorting futures. If this dynamic continues, $ONE might not pull back anytime soon. 👀 #FedFirst25BpsHikeSince23 #CryptoTaxAndBTCReserve #LongYields5%NewNormal