perpetual futures is supporting narrative durabi — mEV dynamics still sets the tone for sho

Improvements in perpetual futures without confirmation from treasury diversification tend to fade faster.

Against the backdrop of “Librería de Satoshi Rebrands to ISMOS, Launches Global Platform to Train One Million Bitcoin Developers” and “CFTC Opens Equity Perps Trading and Gets Sued Hours Later”, positioning still matters more than slogans.

Ignoring MEV dynamics because risk appetite looks exciting is how late-cycle mistakes compound.

Cycles rhyme, but the plumbing underneath keeps changing.

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