Trend · Nov 11, 2026 00:20 UTC

custody rails is overpricing short-term positioning

Ignoring developer activity because user retention looks exciting is how late-cycle mistakes compound.

Cycles rhyme, but the plumbing underneath keeps changing.

Put beside current chatter on “Bitcoin lags stock rebound in advance of U.S. inflation report,” the incentive problem looks clearer.

Ignoring Bitcoin because layer-2 networks looks exciting is how late-cycle mistakes compound.

Better questions beat louder opinions when regimes shift.

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