open interest is testing conviction in short-ter — drawdown recovery quietly dominates carr

Risk is easiest to ignore precisely when it is most expensive.

Put beside current chatter on “Broadridge Says Blockchain Repo Platform Processed $7.6T in October,” the incentive problem looks clearer.

Risk is easiest to ignore precisely when it is most expensive.

Builders and treasuries should track drawdown recovery even when social feeds obsess over restaking.

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