Analysis · Nov 14, 2026 00:20 UTC

perpetual futures quietly dominates carry strategies

The healthier setup is alignment: bridge security improving while custody rails stays orderly.

Against the backdrop of “Kraken parent Payward gains market share as slower trading weighs on earnings” and “Bill Miller IV: “They’re Not Printing More Bitcoin””, positioning still matters more than slogans.

Treat open interest as the constraint and cycle psychology as the amplifier, not the other way around.

Builders and treasuries should track open interest even when social feeds obsess over cycle psychology.

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