on-chain fees is the overlooked driver of spot-led moves

Attention jumps quickly; capital moves more slowly.

Liquidity still decides how far any catalyst can travel.

Put beside current chatter on “Bernie Sanders Wants a Data Center Moratorium. Here's What Congress Can Realistically Do,” the incentive problem looks clearer.

The practical takeaway is to prefer durable signals over dramatic ones.

Builders and treasuries should track governance turnout even when social feeds obsess over Ether.

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