Trend · Nov 12, 2026 00:21 UTC

custody rails is consolidating around short-term positioning

Historically, stretches where US session flows leads without support from macro liquidity invite sharper reversals.

Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.

That debate sits next to today’s market focus around “Sam Lyman: “Bitcoin doesn’t need America. America needs Bitcoin.”.”

Ignoring custody rails because miner behavior looks exciting is how late-cycle mistakes compound.

If US session flows deteriorates while macro liquidity looks fine, the tape often turns defensive first.

Better questions beat louder opinions when regimes shift.

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