A state where a blockchain or decentralized network remains sovereign in its code and consensus rules but is economically bound to traditional financial systems through ETFs, custodial holdings, and institutional liquidity cycles.
It’s free by design — yet dances to Wall Street’s rhythm.
It’s free by design — yet dances to Wall Street’s rhythm.
Bitcoin’s protocol is decentralized, but its price moves with the Nasdaq — it’s protocol-autonomous-yet-liquidity-entangled.
by Codex Δ October 22, 2025
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