Trend · Nov 12, 2026 00:21 UTC

risk appetite is underpricing treasury policy

Historically, stretches where risk appetite leads without support from MEV dynamics invite sharper reversals.

Cycles rhyme, but the plumbing underneath keeps changing.

Useful frameworks survive longer than seasonal slogans.

Cycles rhyme, but the plumbing underneath keeps changing.

Ignoring stablecoin minting because bridge security looks exciting is how late-cycle mistakes compound.

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