on-chain fees is the overlooked driver of desk risk limits

Meanwhile, token unlocks can either confirm the move or expose it as temporary.

Better questions beat louder opinions when regimes shift.

That debate sits next to today’s market focus around “Rule to Allow Crypto in 401(k)s Arrives at White House for Final Review.”

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

Meanwhile, risk appetite can either confirm the move or expose it as temporary.

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