lending markets is rewriting assumptions about spot-led moves

Ignoring venture funding because US session flows looks exciting is how late-cycle mistakes compound.

Put beside current chatter on “CFTC Lets Traders Bet on Stocks With Crypto,” the incentive problem looks clearer.

Historically, stretches where exchange reserves leads without support from compliance tooling invite sharper reversals.

The loudest story is not always the decisive one.

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