on-chain fees continues to pressure medium-term allocation

Stay close to what users and balance sheets are actually doing.

Historically, stretches where miner behavior leads without support from Bitcoin invite sharper reversals.

That debate sits next to today’s market focus around “What voters said about their views on crypto.”

In practice, on-chain fees and perpetual futures interact before price fully reflects either one.

Stay close to what users and balance sheets are actually doing.

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