Trend · Nov 8, 2026 00:00 UTC

custody rails still sets the tone for hedging demand

Cycles rhyme, but the plumbing underneath keeps changing.

Put beside current chatter on “Ether ETFs Face Another $99.9M Outflow as Demand Stays Uneven,” the incentive problem looks clearer.

Revisit assumptions weekly; markets change faster than slogans.

Ignoring custody rails because miner behavior looks exciting is how late-cycle mistakes compound.

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