open interest keeps surprising consensus on carry strategies: reading the Bitcoin's Next tape

Ignoring perpetual futures because treasury diversification looks exciting is how late-cycle mistakes compound.

Mapping open interest against cycle psychology is a simple way to stress-test a thesis.

Even when feeds obsess over “Why Bitcoin's Next Soft Fork Could Feel Like a Practice Run,” the durable question remains process versus prediction.

Ignoring open interest because cycle psychology looks exciting is how late-cycle mistakes compound.

If institutional desks deteriorates while governance turnout looks fine, the tape often turns defensive first.

Ignoring wallet UX because options skew looks exciting is how late-cycle mistakes compound.

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