open interest keeps surprising consensus on carry strategies

Builders and treasuries should track Bitcoin even when social feeds obsess over layer-2 networks.

Keeping a written thesis helps avoid narrative whiplash.

That debate sits next to today’s market focus around “Microsoft Stock Climbs 5% as AI Spending Undershoots: Is Wall Street Rewarding Restraint?.”

Treat open interest as the constraint and cycle psychology as the amplifier, not the other way around.

Desks that separate custody rails from miner behavior tend to react less emotionally to noise.

Attention jumps quickly; capital moves more slowly.

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