Analysis · Nov 2, 2026 15:08 UTC

exchange reserves is the overlooked driver of treasury policy

Attention jumps quickly; capital moves more slowly.

Liquidity still decides how far any catalyst can travel.

Put beside current chatter on “Coinbase Opens Deribit,” the incentive problem looks clearer.

Risk is easiest to ignore precisely when it is most expensive.

Keeping a written thesis helps avoid narrative whiplash.

More insights