exchange reserves is rotating through spot-led moves

Revisit assumptions weekly; markets change faster than slogans.

Stay close to what users and balance sheets are actually doing.

That debate sits next to today’s market focus around “Kraken Prop Adds Commodity Signals With Lower Non.”

If exchange reserves deteriorates while compliance tooling looks fine, the tape often turns defensive first.

Builders and treasuries should track market makers even when social feeds obsess over RWA tokenization.

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