A $10,000 position in NEXO at this morning’s $0.82 buys roughly 12,200 tokens. The market is pricing that position as if October 22 never happened: NEXO begins spot trading on Kraken today, and the token has barely moved. That is either the cheapest re-rating setup in the top 100, or a signal that an exchange listing is no longer the catalyst it was three cycles ago. The data points to the second read, and the trade only works if you respect it.