It still surprises me how misunderstood reflexivity is - especially in this market.

It’s not just that people act on biased views. Their actions can actually change the outcome they’re reacting to.

Narrative picks up → flows come in → price moves → conviction grows → the trade starts to look “right.”

“The prevailing bias is the important thing.” ~ Soros

In crypto, perception often drives the outcome, not the other way around.