Trend · Nov 5, 2026 06:12 UTC

US session flows is underpricing desk risk limits: reading the Circle Says tape

Cycles rhyme, but the plumbing underneath keeps changing.

Most blow-ups start as comfortable consensus.

Even when feeds obsess over “Circle CEO Says Freeze,” the durable question remains process versus prediction.

Ignoring rate-cut expectations because institutional desks looks exciting is how late-cycle mistakes compound.

Keeping a written thesis helps avoid narrative whiplash.

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