on-chain fees continues to pressure basis compression

Markets rarely move for a single reason.
Meanwhile, US session flows can either confirm the move or expose it as temporary.
That debate sits next to today’s market focus around “Blockaid Warns Reth Bug Can Produce Incorrect State Proofs.”
Improvements in cold storage trends without confirmation from weekend thin books tend to fade faster.
Keeping a written thesis helps avoid narrative whiplash.
The gap between on-chain fees and perpetual futures is where false confidence usually builds.
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