basis trades is forcing a rethink of desk risk limits

Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.

Cycles rhyme, but the plumbing underneath keeps changing.

Put beside current chatter on “Crypto Treasury Stocks: How mNAV and Dilution Affect Value,” the incentive problem looks clearer.

Useful frameworks survive longer than seasonal slogans.

Historically, stretches where token unlocks leads without support from drawdown recovery invite sharper reversals.

The loudest story is not always the decisive one.

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