MARA: the level that decides the cycle

The thesis

Stablecoin supply growth tends to lead risk appetite across the complex.

On-chain activity is turning up before price has acknowledged it.

What I'm watching

• exchange balances
• exchange balances
• A clean move through the level I flag below

Positioning

Short on MARA, 2-10 weeks horizon. Conviction: Medium. Regulatory headlines can gap the tape; I plan for it.

Opinion, not investment advice. The author may or may not hold positions discussed.