custody rails is consolidating around retail participation

When funding rates and Asia session flows disagree, sizing down beats inventing a clever story.
That debate sits next to today’s market focus around “Binance, Deribit revoke SignalPlus API keys after fake Teams invite attack.”
Historically, stretches where self-custody adoption leads without support from developer activity invite sharper reversals.
If self-custody adoption deteriorates while developer activity looks fine, the tape often turns defensive first.
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