treasury diversification is the overlooked driver of basis compression

When treasury diversification and staking yields disagree, sizing down beats inventing a clever story.
Against the backdrop of “Bitcoin briefly sinks to $75,700 as bets on a Democratic sweep rattle markets” and “OpenAI Wants to Rebrand AI Data Centers, Use Them to 'Protect the Grid'”, positioning still matters more than slogans.
Builders and treasuries should track macro liquidity even when social feeds obsess over lending markets.
Risk is easiest to ignore precisely when it is most expensive.
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