order-book depth is rewriting assumptions about desk risk limits

If both order-book depth and venture funding improve together, follow-through is more believable.

If both on-chain fees and perpetual futures improve together, follow-through is more believable.

Against the backdrop of “Stablecoin growth has stalled. The payments boom hasn't” and “Bitcoin's Blockchain Just Ran Backward in Time. Is Something Wrong?”, positioning still matters more than slogans.

Historically, stretches where on-chain fees leads without support from perpetual futures invite sharper reversals.

If token unlocks deteriorates while drawdown recovery looks fine, the tape often turns defensive first.

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