on-chain fees is rotating through desk risk limi — custody rails is consolidating around bu

The loudest story is not always the decisive one.

Put beside current chatter on “Strategy Adds 1,036 BTC While Repurchasing $188M of STRC Preferred Shares,” the incentive problem looks clearer.

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

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

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