DeFi angle: drawdown recovery keeps surprising c — deFi angle: dEX volume keeps surprising

When books are thin, narratives look stronger than they are.

Even when feeds obsess over “FinCEN Withdraws Proposed Crypto Travel Rule Expansion in Separate November Move,” the durable question remains process versus prediction.

Mapping cross-exchange spreads against order-book depth is a simple way to stress-test a thesis.

When books are thin, narratives look stronger than they are.

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