custody rails is overpricing carry strategies
The loudest story is not always the decisive one.
Ignoring custody rails because miner behavior looks exciting is how late-cycle mistakes compound.
Put beside current chatter on “Bitcoin Faces First Back,” the incentive problem looks clearer.
In practice, funding rates and Asia session flows interact before price fully reflects either one.
The loudest story is not always the decisive one.
Cycles rhyme, but the plumbing underneath keeps changing.
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