Crypto Long & Short: When capital can't move fast enough, markets pay the price
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- Jenna Wright of LMAX Group argues that markets break down not from too little capital but from capital stuck in the wrong place, trapped by settlement cycles while risk reprices by the minute.
- Wright makes the case that stablecoins and tokenization are quietly becoming solutions to that trapped-capital problem in crypto markets.
Why it matters: Wright reframes market dysfunction as a settlement-speed problem rather than a liquidity problem — a distinction that matters to exchanges and crypto firms deciding whether to invest in deeper pools of capital or in faster-moving settlement infrastructure, since the prescription differs depending on which diagnosis is correct.
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