open interest is supporting hedging demand — risk appetite is underpricing treasury p

Attention jumps quickly; capital moves more slowly.

Even when feeds obsess over “Arthur Hayes: Can AI IPO Dilution Choke Bank Liquidity and Hit Bitcoin?,” the durable question remains process versus prediction.

The healthier setup is alignment: treasury diversification improving while staking yields stays orderly.

Liquidity still decides how far any catalyst can travel.

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