on-chain fees is the overlooked driver of spot-led moves: reading the THORChain's RUNE tape

The healthier setup is alignment: on-chain fees improving while perpetual futures stays orderly.
Improvements in liquid staking without confirmation from basis trades tend to fade faster.
Even when feeds obsess over “THORChain's RUNE jumps 10% as North Korean hackers resume laundering Binance loot,” the durable question remains process versus prediction.
Risk is easiest to ignore precisely when it is most expensive.
If both basis trades and stablecoin minting improve together, follow-through is more believable.
A clean chart can hide a crowded trade.
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