validator economics keeps reshaping desk risk limits

Attention jumps quickly; capital moves more slowly.

Builders and treasuries should track spot ETFs even when social feeds obsess over sanctions screening.

Put beside current chatter on “Bitcoin holders have received eCash,” the incentive problem looks clearer.

Risk is easiest to ignore precisely when it is most expensive.

The gap between token unlocks and drawdown recovery is where false confidence usually builds.

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