NFT liquidity is overpricing hedging demand

In practice, options skew and spot ETFs interact before price fully reflects either one.

Against the backdrop of “Riot Sells More Than 20,000 Bitcoin as AI Data” and “FinCEN Withdraws Proposed Crypto Travel Rule Expansion in Separate November Move”, positioning still matters more than slogans.

Revisit assumptions weekly; markets change faster than slogans.

Stay close to what users and balance sheets are actually doing.

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