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“Venture capital is happily pricing Kalshi as the next CME Group because valuing an app with 80% sports volume like DraftKings would wipe out billions in paper gains.”

“Legacy protocol fundamentals don't matter when Wall Street starts building pipelines for institutional liquidity to flow into.”

“Legacy exchanges are perfectly fine with regulatory moats as long as they are the ones trapped inside them.”

“The institutional desk is more terrified of offshore counterparty risk ahead of a Senate vote than they are eager to blindly chase a 40 percent spot pump.”

“Financializing data center capacity gives Wall Street another derivative market to speculate on without actually fixing chip scarcity.”

“The AI hardware bubble is finally getting its own Wall Street casino so over-leveraged GPU landlords can hedge against their bad investments.”