To further confirm this someone’s clearly not selling spot and is absorbing on perps. Back then $ARC had that crazy OI/MC dynamic, usually >1, which made it super tradable (derivs > spot). That’s just not the case aymore.

𝐑𝐞𝐝𝐞𝐟𝐢𝐧𝐢𝐧𝐠 𝐂𝐫𝐞𝐚𝐭𝐢𝐯𝐢𝐭𝐲 𝐢𝐧 𝐭𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐄𝐜𝐨𝐧𝐨𝐦𝐲: 𝐌𝐲 𝐉𝐨𝐮𝐫𝐧𝐞𝐲 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐚𝐭𝐞 𝐒𝐪𝐮𝐚𝐫𝐞 𝐂𝐫𝐞𝐚𝐭𝐨𝐫 𝐂𝐚𝐫𝐧𝐢𝐯𝐚𝐥
𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧: 𝐖𝐡𝐞𝐫𝐞 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 𝐌𝐞𝐞𝐭𝐬 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲
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