cross-exchange spreads is consolidating around short-term positioning

The loudest story is not always the decisive one.

Even when feeds obsess over “Crypto Biz: Bitcoin’s quantum threat is becoming an economic problem,” the durable question remains process versus prediction.

If restaking deteriorates while cold storage trends looks fine, the tape often turns defensive first.

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

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