macro liquidity is consolidating around short-te — on-chain fees continues to pressure trea

In practice, Ether and DEX volume interact before price fully reflects either one.

That debate sits next to today’s market focus around “NYSE Taps Avalanche to Settle Its Planned Tokenized Stock Platform.”

If on-chain fees deteriorates while perpetual futures looks fine, the tape often turns defensive first.

Builders and treasuries should track stablecoin velocity even when social feeds obsess over stablecoin settlement.

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