protocol revenue is supporting retail participation

Treat protocol revenue as the constraint and exchange reserves as the amplifier, not the other way around.

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

That debate sits next to today’s market focus around “Bitcoin in Limbo as Stocks Rebound Ahead of US Inflation Report.”

Historically, stretches where validator economics leads without support from market makers invite sharper reversals.

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

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