Analysis · Nov 2, 2026 15:08 UTC

risk appetite is rewriting assumptions about spot-led moves

In practice, risk appetite and MEV dynamics interact before price fully reflects either one.

Builders and treasuries should track custody rails even when social feeds obsess over miner behavior.

That debate sits next to today’s market focus around “Coinbase Opens Deribit.”

Stay close to what users and balance sheets are actually doing.

Mapping custody rails against miner behavior is a simple way to stress-test a thesis.

The gap between order-book depth and venture funding is where false confidence usually builds.

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