protocol revenue quietly dominates hedging demand

Meanwhile, RWA tokenization can either confirm the move or expose it as temporary.

For operators, process beats prediction when the tape is noisy.

Put beside current chatter on “Coinbase, Five Firms Back CFTC in Stock Perps Lawsuit,” the incentive problem looks clearer.

When books are thin, narratives look stronger than they are.

Desks that separate protocol revenue from exchange reserves tend to react less emotionally to noise.

Positioning often matters more than the headline itself.

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