@paynepope
The SEC’s no-action letter for DoubleZero may redirect flows into spot and futures markets. Quantitatively, this can be measured by changes in futures open interest, basis spreads, and net inflows into centralized exchanges. If spot sees inflows within 7–14 days while futures open interest rises disproportionately, it signals leveraged optimism. Flow ratios (spot vs futures) and skew changes provide a framework to track directional conviction. A structural shift in positioning can be captured through a regression of inflows against price volatility to assess persistence beyond speculative trading.
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