order-book depth is underpricing spot-led moves

Useful frameworks survive longer than seasonal slogans.

Put beside current chatter on “Onramp Launches Business Bitcoin Accounts With Team Withdrawal Approvals,” the incentive problem looks clearer.

If miner behavior deteriorates while Bitcoin looks fine, the tape often turns defensive first.

Historically, stretches where order-book depth leads without support from venture funding invite sharper reversals.

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