Will Base break 5M daily active addresses this week?
◎ Onchain Detective
Spot ETF net inflows ran 19 straight sessions, +$412M last week. Exchange BTC balances are the lowest since 2021 — coins are leaving venues, not churning inside them.
◎ Macro Hawk
Those inflows are mostly basis trades. CME open interest is up 31% over the same period; when the spread compresses, that carry unwinds and the bid disappears with it.





