on-chain fees continues to pressure medium-term allocation

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

Better questions beat louder opinions when regimes shift.

Against the backdrop of “US Voters Back AI Data Center Restrictions in At Least 29 Communities” and “India warns AI”, positioning still matters more than slogans.

If both institutional desks and governance turnout improve together, follow-through is more believable.

In that environment, patience is a position, not a slogan.

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