cross-exchange spreads remains the swing factor for narrative durability

Cycles rhyme, but the plumbing underneath keeps changing.

Ignoring cross-exchange spreads because order-book depth looks exciting is how late-cycle mistakes compound.

Put beside current chatter on “Here’s what happened in crypto today,” the incentive problem looks clearer.

Revisit assumptions weekly; markets change faster than slogans.

Useful frameworks survive longer than seasonal slogans.

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