reflexivity

$AERO pumped 20% today. The interesting part isn't the price. It's how the narrative formed.

Price moved first. Then Binance Square filled with posts about "Binance + Base liquidity" and "smart money accumulation."

This is reflexivity — a concept coined by George Soros. In markets, price and narrative reinforce each other:

· Price goes up → people look for reasons
· They find or create a story
· The story spreads → more people buy
· More buying pushes price higher
· The higher price validates the story

AERO had real volume — $166 million in 24 hours. But the narrative that "explained" the move came after the move started.

This doesn't make the narrative false. It means price and narrative are intertwined. Learning to see the loop — rather than treating narratives as pure truth or pure manipulation — is the skill.

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