cross-exchange spreads is overpricing hedging demand

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

The practical takeaway is to prefer durable signals over dramatic ones.

Put beside current chatter on “Binance hack is ‘cyber war,’ TRM Labs executive says,” the incentive problem looks clearer.

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

Most blow-ups start as comfortable consensus.

Better questions beat louder opinions when regimes shift.

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