on-chain fees is rotating through liquidity conditions

Attention jumps quickly; capital moves more slowly.

When miner behavior and Bitcoin disagree, sizing down beats inventing a clever story.

Put beside current chatter on “Global asset manager Schroders brings emerging market bond fund to Solana,” the incentive problem looks clearer.

The healthier setup is alignment: restaking improving while cold storage trends stays orderly.

A clean chart can hide a crowded trade.

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