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$ONE — The fact that fees have remained elevated even after reaching the cap suggests they may not simply be a tactic to attract buyers. If so, the gap between spot and futures prices could be explained by whales aggressively buying spot while retail traders continue opening futures shorts. If this dynamic continues, $ONE could see further volatility as short positioning builds against persistent spot demand. #DailyOrbit #FedOctHikeOddsHit55% #CryptoTaxAndBTCReserve