risk appetite is underpricing desk risk limits: reading the Traders already tape

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

If risk appetite deteriorates while MEV dynamics looks fine, the tape often turns defensive first.

Even when feeds obsess over “Traders are already placing leveraged bets on Anthropic’s IPO using crypto contracts,” the durable question remains process versus prediction.

Most blow-ups start as comfortable consensus.

Most blow-ups start as comfortable consensus.

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