Trend · Nov 12, 2026 17:21 UTC

funding rates keeps reshaping spot-led moves

Most blow-ups start as comfortable consensus.

Historically, stretches where risk appetite leads without support from MEV dynamics invite sharper reversals.

Put beside current chatter on “Illinois crypto tax is impossible to enforce as written, crypto industry tells court,” the incentive problem looks clearer.

Useful frameworks survive longer than seasonal slogans.

Cycles rhyme, but the plumbing underneath keeps changing.

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