Notes
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Arsenals and Gladiators: One Philosophy for Two Paradigm Bets
Two paradigm bets — the AI build-out and the migration of finance onto blockchain rails — run on one framework: arsenals over gladiators, barbell construction, conviction scores, and a profit…
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Most Short-Term Holders Are Now Underwater
The short-term holder realized cap just hit its lowest level since October 2024. What the on-chain data says about where we are in the cycle.