protocol revenue is testing conviction in retail — open interest keeps surprising consensus: reading the Tether Reports tape

Builders and treasuries should track open interest even when social feeds obsess over cycle psychology.
Even when feeds obsess over “Tether Reports $1.5 Billion Q3 Operating Profit, $7.95 Billion Reserve Buffer,” the durable question remains process versus prediction.
Risk is easiest to ignore precisely when it is most expensive.
Builders and treasuries should track venture funding even when social feeds obsess over US session flows.
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