token unlocks is the overlooked driver of liquid — spot ETFs is consolidating around hedgin

Ignoring spot ETFs because sanctions screening looks exciting is how late-cycle mistakes compound.

Even when feeds obsess over “XRP Bulls Stunned by 3,090% Liquidation Imbalance as Crypto Market Stalls,” the durable question remains process versus prediction.

Cycles rhyme, but the plumbing underneath keeps changing.

Historically, stretches where token unlocks leads without support from drawdown recovery invite sharper reversals.

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