stablecoin velocity is overpricing retail participation
Ignoring perpetual futures because treasury diversification looks exciting is how late-cycle mistakes compound.
Keeping a written thesis helps avoid narrative whiplash.
Put beside current chatter on “Binance begins second withdrawal phase, exchange outflows slow,” the incentive problem looks clearer.
Ignoring stablecoin velocity because stablecoin settlement looks exciting is how late-cycle mistakes compound.
Improvements in perpetual futures without confirmation from treasury diversification tend to fade faster.
Ignoring Bitcoin because layer-2 networks looks exciting is how late-cycle mistakes compound.
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