spot ETFs is consolidating around hedging demand

Treat spot ETFs as the constraint and sanctions screening as the amplifier, not the other way around.

Keeping a written thesis helps avoid narrative whiplash.

That debate sits next to today’s market focus around “THORChain halts swaps after block reorg bug, slowing Binance hackers.”

Useful frameworks survive longer than seasonal slogans.

Cycles rhyme, but the plumbing underneath keeps changing.

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