options skew is forcing a rethink of treasury policy

Liquidity still decides how far any catalyst can travel.

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

Put beside current chatter on “Moscow Exchange Sets December Launch for Bitcoin, Ethereum Trading,” the incentive problem looks clearer.

Builders and treasuries should track liquid staking even when social feeds obsess over basis trades.

Keeping a written thesis helps avoid narrative whiplash.

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