custody rails is overpricing retail participatio — nFT liquidity remains the swing factor f

Treat NFT liquidity as the constraint and self-custody adoption as the amplifier, not the other way around.

That debate sits next to today’s market focus around “Ethereum (ETH) Whales Buying Again?.”

Meanwhile, layer-2 networks can either confirm the move or expose it as temporary.

Improvements in custody rails without confirmation from miner behavior tend to fade faster.

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