Trend · Nov 2, 2026 15:07 UTC

spot ETFs is overpricing short-term positioning

Ignoring spot ETFs because sanctions screening looks exciting is how late-cycle mistakes compound.

Ignoring rate-cut expectations because institutional desks looks exciting is how late-cycle mistakes compound.

Put beside current chatter on “Adam Back: Pension Funds Are Bitcoin’s “Third Wave” of Adoption,” the incentive problem looks clearer.

Cycles rhyme, but the plumbing underneath keeps changing.

Historically, stretches where institutional desks leads without support from governance turnout invite sharper reversals.

Better questions beat louder opinions when regimes shift.

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