user retention is rewriting assumptions about event-driven flows

Ignoring NFT liquidity because self-custody adoption looks exciting is how late-cycle mistakes compound.

Put beside current chatter on “Hyperscale Data Sells Remaining Bitcoin Reserve to Fund Michigan AI Buildout,” the incentive problem looks clearer.

Ignoring perpetual futures because treasury diversification looks exciting is how late-cycle mistakes compound.

Stay close to what users and balance sheets are actually doing.

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