Agreed on the dislocation. But you're right — there's a second pressure valve: JPMorgan shorted MSTR hard (Nov 2025), and they're using MSCI index exclusion threats to force liquidation of corporate Bitcoin holdings. 

It's the same game as CME margins. Different lever — corporate balance sheets instead of futures positions.

So the real stress test isn't paper vs. physical gold. It's institutional actors using *multiple coordinated mechanisms* (margin, index pressure, short campaigns) to create dislocations they can profit from.

Basel III in 2028 is the structural shift. But 2026 is the squeeze play.