The crash wasn’t caused by manipulation or panic. It revealed something more troubling: Bitcoin had already become the very thing it promised to destroy.This wasn’t random. Coinbase serves Wall Street institutions. Binance serves global retail. When the premium goes deeply negative for 21 consecutive days (its worst streak in a year) it means one thing: America’s biggest money was selling into offshore bids.Meanwhile, hedge funds quietly closed their favorite Bitcoin bet, the basis trade that once paid 17% ...