custody rails is overpricing short-term position — self-custody adoption is underpricing tr

Cycles rhyme, but the plumbing underneath keeps changing.

Put beside current chatter on “Ethereum dev targets 2028 for quantum resistance, a year early,” the incentive problem looks clearer.

Historically, stretches where options skew leads without support from spot ETFs invite sharper reversals.

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

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