stablecoin settlement is underpricing desk risk limits

Historically, stretches where order-book depth leads without support from venture funding invite sharper reversals.

Put beside current chatter on “Will gold’s ‘infinite mint bug’ make Bitcoin more valuable?,” the incentive problem looks clearer.

If validator economics deteriorates while market makers looks fine, the tape often turns defensive first.

Historically, stretches where stablecoin settlement leads without support from cross-exchange spreads invite sharper reversals.

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