protocol revenue is supporting hedging demand
Ignoring drawdown recovery because restaking looks exciting is how late-cycle mistakes compound.
Mapping drawdown recovery against restaking is a simple way to stress-test a thesis.
Against the backdrop of “Ethereum (ETH) Pumps and Dumps: The Next Potential Targets Revealed” and “Crypto Market Trims $140 Billion as BTC Slips Below $76K”, positioning still matters more than slogans.
Most blow-ups start as comfortable consensus.
Better questions beat louder opinions when regimes shift.
Desks that separate protocol revenue from exchange reserves tend to react less emotionally to noise.
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