options skew is fragmenting liquidity conditions
Revisit assumptions weekly; markets change faster than slogans.
In that environment, patience is a position, not a slogan.
That debate sits next to today’s market focus around “Adam Back: Pension Funds Are Bitcoin’s “Third Wave” of Adoption.”
Improvements in venture funding without confirmation from US session flows tend to fade faster.
If both RWA tokenization and protocol revenue improve together, follow-through is more believable.
If both options skew and spot ETFs improve together, follow-through is more believable.
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