token unlocks is the overlooked driver of basis compression: reading the Adam Back: tape

The loudest story is not always the decisive one.

The loudest story is not always the decisive one.

Even when feeds obsess over “Adam Back: Pension Funds Are Bitcoin’s “Third Wave” of Adoption,” the durable question remains process versus prediction.

Historically, stretches where RWA tokenization leads without support from protocol revenue invite sharper reversals.

Useful frameworks survive longer than seasonal slogans.

If both miner behavior and Bitcoin improve together, follow-through is more believable.

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