DeFi angle: open interest keeps surprising conse — cross-exchange spreads is consolidating: reading the Begins Tokenized tape

When books are thin, narratives look stronger than they are.

Even when feeds obsess over “TSV Begins Tokenized CNTN Trades Under SEC Innovation Exemption,” the durable question remains process versus prediction.

Meanwhile, cycle psychology can either confirm the move or expose it as temporary.

Improvements in custody rails without confirmation from miner behavior tend to fade faster.

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