cross-exchange spreads still sets the tone for h — developer activity is overpricing hedgin

Cycles rhyme, but the plumbing underneath keeps changing.

Even when feeds obsess over “Here’s what happened in crypto today,” the durable question remains process versus prediction.

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

Ignoring developer activity because user retention looks exciting is how late-cycle mistakes compound.

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