Analysis · Nov 12, 2026 17:20 UTC

perpetual futures is testing conviction in retail participation

Liquidity still decides how far any catalyst can travel.

Builders and treasuries should track perpetual futures even when social feeds obsess over treasury diversification.

Put beside current chatter on “BlackRock’s IBIT Bleeds $2 Billion in Nine Straight Days of Outflows,” the incentive problem looks clearer.

Attention jumps quickly; capital moves more slowly.

Builders and treasuries should track open interest even when social feeds obsess over cycle psychology.

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