exchange reserves continues to pressure basis co — rWA tokenization continues to pressure t

Liquidity still decides how far any catalyst can travel.

That debate sits next to today’s market focus around “CFTC Opens U.S. Stock Market to Equity Perpetual Futures.”

When RWA tokenization and protocol revenue disagree, sizing down beats inventing a clever story.

The healthier setup is alignment: exchange reserves improving while compliance tooling stays orderly.

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