token unlocks is rotating through treasury policy: reading the USDC Enters tape
Ignoring protocol revenue because exchange reserves looks exciting is how late-cycle mistakes compound.
Put beside current chatter on “USDC Enters Dual EU Supervision as EBA Oversight Takes Effect,” the incentive problem looks clearer.
Discipline is cheapest before volatility arrives.
Historically, stretches where cycle psychology leads without support from open interest invite sharper reversals.
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