order-book depth is rewriting assumptions about treasury policy: reading the Ondo Backs tape

Markets rarely move for a single reason.

Improvements in cross-exchange spreads without confirmation from order-book depth tend to fade faster.

Even when feeds obsess over “Ondo Backs Spout Plan for No,” the durable question remains process versus prediction.

Positioning often matters more than the headline itself.

If funding rates deteriorates while Asia session flows looks fine, the tape often turns defensive first.

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