on-chain fees is rotating through liquidity conditions: reading the Bitcoin Defies tape

Ignoring market makers because RWA tokenization looks exciting is how late-cycle mistakes compound.

Put beside current chatter on “Bitcoin Defies Selling Pressure as $75K Holds the Line,” the incentive problem looks clearer.

The edge is often just refusing to confuse volume with conviction.

The loudest story is not always the decisive one.

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