Also: Reflexivity = price changes behaviour and behaviour feeds back into price. Not fundamentals -\> price. Example of a crypto loop: 1. Price starts going up 2. People interpret that as "something is happening" 3. More buyers pile in (spot, perps, leverage) 4. Funding flips
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Also: Reflexivity = price changes behaviour and behaviour feeds back into price. Not fundamentals -\> price. Example of a crypto loop: 1. Price starts going up 2. People interpret that as "something is happening" 3. More buyers pile in (spot, perps, leverage) 4. Funding flips