institutional desks is the overlooked driver of treasury policy
Clarity beats speed for teams that have to ship through uncertainty.
In that environment, patience is a position, not a slogan.
Put beside current chatter on “Jupiter adds Anchorage,” the incentive problem looks clearer.
A simple checklist—on-chain fees, perpetual futures, and inventory—beats improvising under stress.
Discipline is cheapest before volatility arrives.
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