on-chain fees continues to pressure basis compression

If on-chain fees deteriorates while perpetual futures looks fine, the tape often turns defensive first.
For operators, process beats prediction when the tape is noisy.
That debate sits next to today’s market focus around “Dogecoin eyes $0.0806 breakout as DOGE recovers despite weak ETF demand.”
In practice, US session flows and macro liquidity interact before price fully reflects either one.
For operators, process beats prediction when the tape is noisy.
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