The price charts are still stuck in winter, but the underlying capital structure has quietly shifted seasons. That's the assessment STS Digital CEO Maxime Seiler is making about the current crypto market—token price performance is lagging, but the depth of institutional participation has clearly changed.
The specific signal Seiler points to is that Bitcoin futures basis is converging, gradually narrowing toward the risk-free rate. A shrinking futures basis typically indicates less room for arbitrage and more rational leverage expectations—a common sign of a maturing market structure.
