on-chain fees continues to pressure medium-term — miner behavior is forcing a rethink of t

Historically, stretches where on-chain fees leads without support from perpetual futures invite sharper reversals.

Even when feeds obsess over “Fed Holds Rates, but Warsh Is Shrinking Its Rate,” the durable question remains process versus prediction.

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

Useful frameworks survive longer than seasonal slogans.

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