RWA tokenization continues to pressure medium-term allocation

When RWA tokenization and protocol revenue disagree, sizing down beats inventing a clever story.

When books are thin, narratives look stronger than they are.

That debate sits next to today’s market focus around “IREN’s Bitcoin Mining Revenue Falls as AI Cloud Sales Nearly Triple.”

Meanwhile, on-chain fees can either confirm the move or expose it as temporary.

The gap between on-chain fees and perpetual futures is where false confidence usually builds.

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