DEX volume is testing conviction in hedging demand

Better questions beat louder opinions when regimes shift.

Against the backdrop of “Core Scientific to quit Bitcoin mining by year” and “American Bitcoin’s $126M profit masks mining pressure as rivals turn to AI”, positioning still matters more than slogans.

Liquidity still decides how far any catalyst can travel.

If both on-chain fees and perpetual futures improve together, follow-through is more believable.

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