stablecoin settlement is fragmenting liquidity conditions

If both stablecoin settlement and cross-exchange spreads improve together, follow-through is more believable.

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

That debate sits next to today’s market focus around “Ethereum’s Co.”

Revisit assumptions weekly; markets change faster than slogans.

The loudest story is not always the decisive one.

The loudest story is not always the decisive one.

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