If this was pre Black Thursday era, here's where $BTC would probably put a wipeout candle back to the beginning of this 45 degree crawl up from 14000, get some 10m+ liqs on mex while it trades $30 below CB until they're cleared, fill layered spot bids, and then slowly dalai lama.
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clearly for stability, stablecoin margined futures > coin margined.
Stablecoin futs are like higher potential energy. Eventual fomo fuel; "oh well, I'm not long, but we just broke ATHs, might as well take the 'less riskier' option and just buy spot"
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key change is that shorts no longer benefit from convexity
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the real key change imo is that longs no longer suffer from negative (easier to be liquidated and cascade the market down)
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