Opinion · Nov 13, 2026 00:20 UTC

treasury diversification is the overlooked driver of desk risk limits

If both treasury diversification and staking yields improve together, follow-through is more believable.

That debate sits next to today’s market focus around “Kalshi ends Donald Trump Jr.’s advisory contract over 1789 Capital’s Polymarket investment.”

Improvements in protocol revenue without confirmation from exchange reserves tend to fade faster.

Keeping a written thesis helps avoid narrative whiplash.

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