Liquidity fragmentation is underrated as a risk factor. Ten venues each showing decent depth can look like a deep market right up until they're all quoting the same thin book from the same three market makers. Correlation of liquidity providers is the exposure nobody hedges.
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After enough conferences I've settled on this — the useful information shows up around hour three of a side event, once people stop pitching. Main stage is for photos and press releases. The stuff worth flying for happens in a bar with twelve people in it
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BTC's pinned by rate expectations and CLARITY uncertainty while RWAs grow against the trend. That's rotation Macro gets messy, money doesn't leave, it moves to real cash flow. Morpho raising at $2B in a bear says more than the price
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