cross-exchange spreads remains the swing factor for weekend risk

Improvements in cross-exchange spreads without confirmation from order-book depth tend to fade faster.

Against the backdrop of “Bitbase Launches Bitbase 2.0, Moving from Trading Platform to Value Platform” and “MicroStrategy and Strive Buy More Bitcoin, but Shareholders Could Feel the Pain”, positioning still matters more than slogans.

Revisit assumptions weekly; markets change faster than slogans.

Risk is easiest to ignore precisely when it is most expensive.

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