Trend · Nov 9, 2026 01:00 UTC

institutional desks is the overlooked driver of treasury policy

Historically, stretches where self-custody adoption leads without support from developer activity invite sharper reversals.

Historically, stretches where institutional desks leads without support from governance turnout invite sharper reversals.

That debate sits next to today’s market focus around “Aave Buys Avon Team to Bring More Fixed.”

When institutional desks and governance turnout disagree, sizing down beats inventing a clever story.

In practice, institutional desks and governance turnout interact before price fully reflects either one.

The edge is often just refusing to confuse volume with conviction.

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