Analysis · Nov 12, 2026 17:21 UTC

perpetual futures is testing conviction in hedging demand

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 “JPMorgan Lifts Its Strategy (MSTR) Stake 36% and Holds $540 Million in Bitcoin ETFs,” the incentive problem looks clearer.

Keeping a written thesis helps avoid narrative whiplash.

Treat perpetual futures as the constraint and treasury diversification as the amplifier, not the other way around.

More insights