The buying phase connects quoted prices with counterparty obligations.
Holding describes the state between acquisition and exit.
Proof concerns the ability to demonstrate ownership through coherent records.
Selling is not symmetrical to buying.
Channels differ in how roles are distributed across selling, custody, and buyback.
Documentation determines whether ownership remains interpretable over time.
Custody determines access, control, and durability of proof.
Formal frameworks shape onboarding and documentation requirements.
Risk accumulates across phases and becomes visible at exit.
Friction emerges from inconsistencies across documentation, custody, and verification.