custody rails is overpricing carry strategies

Improvements in custody rails without confirmation from miner behavior tend to fade faster.

Cycles rhyme, but the plumbing underneath keeps changing.

Against the backdrop of “Tether Posts $1.5B Q3 Profit as Reserve Buffer Nearly Doubles to $8B” and “Dogecoin Loses to 'Uptober' With Another 20% Dip”, positioning still matters more than slogans.

Mapping perpetual futures against treasury diversification is a simple way to stress-test a thesis.

Mapping macro liquidity against lending markets is a simple way to stress-test a thesis.

Treat Asia session flows as the constraint and on-chain fees as the amplifier, not the other way around.

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