cross-exchange spreads remains the swing factor for builder priorities

Ignoring developer activity because user retention looks exciting is how late-cycle mistakes compound.

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

Put beside current chatter on “Schiff: Saylor's STRC Is 'Dead',” the incentive problem looks clearer.

Cycles rhyme, but the plumbing underneath keeps changing.

Useful frameworks survive longer than seasonal slogans.

The practical takeaway is to prefer durable signals over dramatic ones.

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