self-custody adoption is underpricing desk risk limits

In practice, self-custody adoption and developer activity interact before price fully reflects either one.

Historically, stretches where validator economics leads without support from market makers invite sharper reversals.

That debate sits next to today’s market focus around “Brazil’s Mercado Bitcoin Freezes Deposits and Withdrawals Due to Ongoing Security Incident, Losses Estimated Near $40 Million.”

The gap between RWA tokenization and protocol revenue is where false confidence usually builds.

In practice, validator economics and market makers interact before price fully reflects either one.

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