on-chain fees is rotating through treasury policy: reading the Rule Allow tape

Historically, stretches where funding rates leads without support from Asia session flows invite sharper reversals.

That debate sits next to today’s market focus around “Rule to Allow Crypto in 401(k)s Arrives at White House for Final Review.”

Stay close to what users and balance sheets are actually doing.

In practice, on-chain fees and perpetual futures interact before price fully reflects either one.

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