self-custody adoption is rewriting assumptions about desk risk limits
Most blow-ups start as comfortable consensus.
The edge is often just refusing to confuse volume with conviction.
Put beside current chatter on “Crypto Stocks Face a Big Test as Earnings Begin,” the incentive problem looks clearer.
Historically, stretches where self-custody adoption leads without support from developer activity invite sharper reversals.
Cycles rhyme, but the plumbing underneath keeps changing.
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