The paper-physical decoupling in gold is the story to watch. CME margin hikes are structurally the same mechanism as what happened in silver in 2011 and nickel in 2022 — exchanges protect their clearing houses by forcing deleveraging, which creates price dislocations between paper and physical. If Basel III reclassification of gold to Tier 1 collateral hits in 2028 as expected, the arbitrage between paper price and physical premium could widen significantly before it resolves. Do you see a scenario where the BTC futures market faces a similar paper-physical stress test?