Trend · Nov 4, 2026 01:09 UTC

custody rails still sets the tone for hedging demand

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

Put beside current chatter on “Binance’s net inflows turn positive at $2.3B as withdrawals expand,” the incentive problem looks clearer.

Better questions beat louder opinions when regimes shift.

Cycles rhyme, but the plumbing underneath keeps changing.

More insights