custody rails still sets the tone for carry strategies

Cycles rhyme, but the plumbing underneath keeps changing.

Revisit assumptions weekly; markets change faster than slogans.

Put beside current chatter on “Gold and Bitcoin Are Now 2026’s Worst Major Assets: What Went Wrong?,” the incentive problem looks clearer.

Cycles rhyme, but the plumbing underneath keeps changing.

Most blow-ups start as comfortable consensus.

Ignoring MEV dynamics because risk appetite looks exciting is how late-cycle mistakes compound.

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