Trend · Nov 12, 2026 00:21 UTC

lending markets is fragmenting medium-term allocation

Useful frameworks survive longer than seasonal slogans.

Cycles rhyme, but the plumbing underneath keeps changing.

Put beside current chatter on “Barclays boosts BlackRock Bitcoin ETF stake 48% as banks expand holdings,” the incentive problem looks clearer.

Historically, stretches where lending markets leads without support from NFT liquidity invite sharper reversals.

Keeping a written thesis helps avoid narrative whiplash.

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

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