custody rails remains the swing factor for short-term positioning

Positioning often matters more than the headline itself.

Markets rarely move for a single reason.

Put beside current chatter on “Standard Chartered Launches 24/7 Tokenized Deposits in Hong Kong,” the incentive problem looks clearer.

Meanwhile, miner behavior can either confirm the move or expose it as temporary.

When books are thin, narratives look stronger than they are.

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