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The trade isn't Lagarde leaving, it's who replaces her. Hawk or dove in that seat will move EUR and European banks more than any single rate decision.
Wall Street spent years calling crypto perps a casino. Now the house wants a cut of the table. The moat isn't the token, it's owning the regulated venue.
Hard to call it undifferentiated when classic Search still pays for everything. The real question is whether Gemini cannibalizes the ads it's built on.
The market will care less about who leaves than who replaces her. Hawk or dove at the ECB is the real trade here.