NFT liquidity still sets the tone for hedging demand

Meanwhile, RWA tokenization can either confirm the move or expose it as temporary.

In practice, order-book depth and venture funding interact before price fully reflects either one.

Put beside current chatter on “California Tribes Win Order Barring Kalshi Sports Contracts on Their Lands,” the incentive problem looks clearer.

When books are thin, narratives look stronger than they are.

Positioning often matters more than the headline itself.

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