perpetual futures is supporting carry strategies

A clean chart can hide a crowded trade.
Builders and treasuries should track perpetual futures even when social feeds obsess over treasury diversification.
Put beside current chatter on “Bitcoin Bounces Back as Markets Digest Midterms,” the incentive problem looks clearer.
Attention jumps quickly; capital moves more slowly.
If both cycle psychology and open interest improve together, follow-through is more believable.
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