perpetual futures keeps surprising consensus on — rate-cut expectations is testing convict

Liquidity still decides how far any catalyst can travel.

Put beside current chatter on “Adam Back: Pension Funds Are Bitcoin’s “Third Wave” of Adoption,” the incentive problem looks clearer.

Builders and treasuries should track perpetual futures even when social feeds obsess over treasury diversification.

In practice, bridge security and custody rails interact before price fully reflects either one.

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