perpetual futures quietly dominates carry strategies
Ignoring perpetual futures because treasury diversification looks exciting is how late-cycle mistakes compound.
Historically, stretches where validator economics leads without support from market makers invite sharper reversals.
Put beside current chatter on “Bitcoin White Paper Turns 18 With Payment Verification Still at Its Core,” the incentive problem looks clearer.
Most blow-ups start as comfortable consensus.
Ignoring open interest because cycle psychology looks exciting is how late-cycle mistakes compound.
The loudest story is not always the decisive one.
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