Trend · Nov 12, 2026 00:10 UTC

stablecoin velocity is consolidating around carry strategies: reading the Stablecoin Drain, tape

Cycles rhyme, but the plumbing underneath keeps changing.

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

Even when feeds obsess over “Stablecoin Drain, ETF Outflows Leave Bitcoin 'Running on Empty',” the durable question remains process versus prediction.

Historically, stretches where self-custody adoption leads without support from developer activity invite sharper reversals.

Cycles rhyme, but the plumbing underneath keeps changing.

Desks that separate cross-exchange spreads from order-book depth tend to react less emotionally to noise.

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