custody rails is consolidating around hedging demand

When books are thin, narratives look stronger than they are.

Keeping a written thesis helps avoid narrative whiplash.

Against the backdrop of “Bitcoin ETFs Lose $411.9M on Friday as BlackRock Drives the Selling” and “Bitcoin Steadies Above $76,000, But Wall Street Isn’t Buying The Dip Yet”, positioning still matters more than slogans.

Positioning often matters more than the headline itself.

Better questions beat louder opinions when regimes shift.

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