Trend · Nov 12, 2026 00:21 UTC

perpetual futures is testing conviction in short-term positioning

Ignoring custody rails because miner behavior looks exciting is how late-cycle mistakes compound.

Historically, stretches where bridge security leads without support from custody rails invite sharper reversals.

Put beside current chatter on “Outlook for Crypto Market Structure Bill By Democrats,” the incentive problem looks clearer.

Ignoring perpetual futures because treasury diversification looks exciting is how late-cycle mistakes compound.

That is why watching custody rails alongside miner behavior usually explains more than chasing every alert.

Cycles rhyme, but the plumbing underneath keeps changing.

More insights