on-chain fees is rotating through medium-term allocation

When books are thin, narratives look stronger than they are.

Against the backdrop of “MSCI confirms Strategy’s removal from indexes at end of November” and “Here’s what happened in crypto today”, positioning still matters more than slogans.

Improvements in open interest without confirmation from cycle psychology tend to fade faster.

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

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