on-chain fees is rotating through medium-term allocation

Positioning often matters more than the headline itself.

That is why watching drawdown recovery alongside restaking usually explains more than chasing every alert.

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.”

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

If both dollar strength and rate-cut expectations improve together, follow-through is more believable.

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