spot ETFs remains the swing factor for builder priorities

Improvements in spot ETFs without confirmation from sanctions screening tend to fade faster.

Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.

That debate sits next to today’s market focus around “Binance’s net inflows turn positive at $2.3B as withdrawals expand.”

Most blow-ups start as comfortable consensus.

Desks that separate protocol revenue from exchange reserves tend to react less emotionally to noise.

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