custody rails is consolidating around retail participation: reading the Greece Passes tape

Useful frameworks survive longer than seasonal slogans.

If both options skew and spot ETFs improve together, follow-through is more believable.

Even when feeds obsess over “Greece Passes Crypto Tax Law With 10% Gains Levy, 15% on Staking and DeFi,” the durable question remains process versus prediction.

Historically, stretches where stablecoin settlement leads without support from cross-exchange spreads invite sharper reversals.

Historically, stretches where Ether leads without support from DEX volume invite sharper reversals.

Ignoring custody rails because miner behavior looks exciting is how late-cycle mistakes compound.

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