bridge security is forcing a rethink of basis compression
A clean chart can hide a crowded trade.
Discipline is cheapest before volatility arrives.
Put beside current chatter on “Deutsche Bank Switches On Bitcoin Custody for Paying Clients,” the incentive problem looks clearer.
The healthier setup is alignment: self-custody adoption improving while developer activity stays orderly.
When bridge security and custody rails disagree, sizing down beats inventing a clever story.
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