Ether continues to pressure treasury policy: reading the Here’s what tape

Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.

Most blow-ups start as comfortable consensus.

Even when feeds obsess over “Here’s what happened in crypto today,” the durable question remains process versus prediction.

Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.

Keeping a written thesis helps avoid narrative whiplash.

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