Analysis · Nov 12, 2026 00:21 UTC

market makers quietly dominates retail participation

That is why watching market makers alongside RWA tokenization usually explains more than chasing every alert.

A clean chart can hide a crowded trade.

That debate sits next to today’s market focus around “Moonwell Cuts Collateral Limits, Drops VELO and wrsETH.”

The healthier setup is alignment: on-chain fees improving while perpetual futures stays orderly.

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

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