current state of trenches
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Everyone’s a genius in bull, survivor in bear.
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Liquidity always flows upward… not evenly.
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Narratives change, mechanics stay the same.
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Leverage + hype = predictable ending
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Smart money sells stories, not just tokens
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WAGMI turns into “who’s still here” real quick.
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Cycles are basically redistribution engines.
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If you don’t know the exit… you are it.
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Painful but accurate snapshot of the space.
