Analysis · Nov 10, 2026 13:14 UTC

US session flows is underpricing basis compression

The healthier setup is alignment: US session flows improving while macro liquidity stays orderly.

Liquidity still decides how far any catalyst can travel.

Put beside current chatter on “Lombard Systems Raises $4M to Make Tokenized Assets Easier to Borrow Against,” the incentive problem looks clearer.

A clean chart can hide a crowded trade.

When US session flows and macro liquidity disagree, sizing down beats inventing a clever story.

Keeping a written thesis helps avoid narrative whiplash.

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