@zachharris.eth

I have bad news. We got rugged… The "Memecoin Supercycle" wasn’t a bull market. It was a distraction mechanism. To the retail eye, late 2025 looked like a mania. To the institutional eye, it looked like a demolition. While the market was hyper-focused on high-velocity speculation, a quiet "Filtering Event" was engineered from Washington to Wall Street. I’ve spent the last week tracing the forensic capital flows, and the pattern is undeniable. We aren't witnessing deregulation. We are witnessing Hedgefundization. The "Open Finance" era is effectively over. It has been replaced by a two-tier caste system: ✔️ The Bank (Tier 1): Gated, sovereign-aligned yield elite. ✔️ The Casino (Tier 2): Unregulated, negative-sum for retail. ✔️ The Middle: Starved. In my latest Deep Dive, I connect the four "Non-Obvious Dots" that prove this thesis: 📍 The Geopolitics: How the "China Crypto Ban" forced the US to weaponize Stablecoins as a sovereign debt sponge. 📍 The Personnel: Why Commerce Secretary Howard Lutnick managing Tether’s T-Bills is the most critical signal of the decade. 📍 The Checkmate: How pardoning CZ wasn’t mercy—it was a strategic move to break Coinbase’s domestic monopoly. 📍 The Harbinger: Why the Jan '26 ADL Cascades were the structural "Proof of Failure" the government needed to gate the system. The "Aha" Realization: Survivability is no longer a function of Code. It is a function of CAPEX. If you are an allocator, a founder, or a builder, you need to understand the new Unit Economics of "Post-Gensler" world. The moat isn't technology anymore. It's the $200k+ cost of compliance. Read the full "Anatomy of the Great Filter" below. 👇 https://www.linkedin.com/pulse/hedgefundization-digital-assets-2026-market-structure-zach-harris-aqzle/

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