spot ETFs remains the swing factor for builder priorities

Markets rarely move for a single reason.

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

Put beside current chatter on “Gemini Sells UK and European Operations to KAST for Under $10 Million,” the incentive problem looks clearer.

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

Desks that separate DEX volume from token unlocks tend to react less emotionally to noise.

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