self-custody adoption is rewriting assumptions about desk risk limits

Discipline is cheapest before volatility arrives.
The healthier setup is alignment: institutional desks improving while governance turnout stays orderly.
That debate sits next to today’s market focus around “Bitcoin turns 18: Has the original rebel grown up?.”
If self-custody adoption deteriorates while developer activity looks fine, the tape often turns defensive first.
Mapping cold storage trends against weekend thin books is a simple way to stress-test a thesis.
Attention jumps quickly; capital moves more slowly.
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