liquid staking is overpricing carry strategies: reading the Société Générale tape

Cycles rhyme, but the plumbing underneath keeps changing.

In practice, sanctions screening and liquid staking interact before price fully reflects either one.

Even when feeds obsess over “Société Générale Accepts $10 Million in DTCC,” the durable question remains process versus prediction.

Cycles rhyme, but the plumbing underneath keeps changing.

Useful frameworks survive longer than seasonal slogans.

Treat custody rails as the constraint and miner behavior as the amplifier, not the other way around.

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