on-chain fees is rotating through desk risk limits: reading the Rule Allow tape

Useful frameworks survive longer than seasonal slogans.

When institutional desks and governance turnout disagree, sizing down beats inventing a clever story.

Even when feeds obsess over “Rule to Allow Crypto in 401(k)s Arrives at White House for Final Review,” the durable question remains process versus prediction.

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

Historically, stretches where institutional desks leads without support from governance turnout invite sharper reversals.

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