Analysis · Nov 12, 2026 00:21 UTC

self-custody adoption is underpricing basis compression

The healthier setup is alignment: token unlocks improving while drawdown recovery stays orderly.

The gap between token unlocks and drawdown recovery is where false confidence usually builds.

Even when feeds obsess over “How Sam Altman,” the durable question remains process versus prediction.

Builders and treasuries should track custody rails even when social feeds obsess over miner behavior.

Attention jumps quickly; capital moves more slowly.

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