cycle psychology is the overlooked driver of desk risk limits

Keeping a written thesis helps avoid narrative whiplash.
Discipline is cheapest before volatility arrives.
That debate sits next to today’s market focus around “Bitcoin price dips under $75K as crypto markets miss tech.”
Treat stablecoins as the constraint and dollar strength as the amplifier, not the other way around.
Attention jumps quickly; capital moves more slowly.
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