stablecoin settlement is rewriting assumptions a — mEV dynamics still sets the tone for wee

The loudest story is not always the decisive one.

Put beside current chatter on “Bill Miller IV: “They’re Not Printing More Bitcoin”,” the incentive problem looks clearer.

Ignoring MEV dynamics because risk appetite looks exciting is how late-cycle mistakes compound.

Historically, stretches where stablecoin settlement leads without support from cross-exchange spreads invite sharper reversals.

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