governance turnout quietly dominates carry strat — market makers keeps surprising consensus

Liquidity still decides how far any catalyst can travel.
Put beside current chatter on “Liquid Network Restores Full Bitcoin Backing Two Months After $320M Exploit,” the incentive problem looks clearer.
Builders and treasuries should track custody rails even when social feeds obsess over miner behavior.
Better questions beat louder opinions when regimes shift.
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