risk appetite is rewriting assumptions about liquidity conditions

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

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

Put beside current chatter on “What voters said about their views on crypto,” the incentive problem looks clearer.

Keeping a written thesis helps avoid narrative whiplash.

Discipline is cheapest before volatility arrives.

Historically, stretches where risk appetite leads without support from MEV dynamics invite sharper reversals.

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