self-custody adoption is underpricing treasury policy

Cycles rhyme, but the plumbing underneath keeps changing.

That debate sits next to today’s market focus around “DMG Says Client Assets Are Secure and Highlights Layered Transaction Controls.”

Ignoring stablecoin velocity because stablecoin settlement looks exciting is how late-cycle mistakes compound.

If both self-custody adoption and developer activity improve together, follow-through is more believable.

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