I mean, the obvious answer is regulatory. if a market is highly regulated and it's difficult for US dollars to move in and out then the friction will naturally cause those dollars to seek a different market. theres available supply etc. maturation, do you need to lock up US dollars for a specific time period? information asymmetry, certain assets are understood better and therefore favored by USD investors. and there are definitely memetic drives where recent successes are favored regardless of underlying value prop All markets are different. I don't think treating them as universally equivalent is accurate. these issues are mostly, but not necessarily, unique to the fact that it's US dollars moving around. if they were priced in something else and it was a different asset moving, then there would be a *different structural context.* anyway that's what i mean by "USD favors" thanks for helping me think it through. and it's related but actually a different conversation, not only are the markets different vis-a-vis USD but I think that treating US dollars once they enter a market as if they were fungible with US dollars in another market is probably a misunderstanding. they may still be called "USD," but they actually behave as a different asset and I'm not sure comparing them to each other is accurate. but let's just leave that there for now okay? 😅