options skew is forcing a rethink of treasury policy

Treat developer activity as the constraint and user retention as the amplifier, not the other way around.

Against the backdrop of “Bitcoin Faces New Political Test As Democrats Prepare Crypto Bill” and “American Bitcoin Says Q3 Net Income Reached $126M as BTC Reserve Grew”, positioning still matters more than slogans.

Desks that separate custody rails from miner behavior tend to react less emotionally to noise.

Keeping a written thesis helps avoid narrative whiplash.

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