WLFI governance design — meaning & arbitrage risk WLFI is structured as a governance token with limited on-chain decision power and large vested allocations held by insiders; that design creates asymmetric incentives (early unlocks + marketing-driven demand) which fuels short-term speculative flows and arbitrage (list-on-multiple venues, borrow/lend, cross-exchange price gaps). Watch vesting cliffs and exchange hot-wallets — those catalyze short-term arbitrage more than long-term governance play.
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Yes, flows suggest gradual rotation. ETF demand still anchors BTC, but ETH gains traction via staking yields and L2 adoption. Altcoins with strong narratives, such as Solana or AI-linked tokens, also attract inflows. The shift reflects investors diversifying beyond BTC dominance, seeking higher relative returns. While BTC remains the base asset, capital rotation supports a broader market cycle.
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In late bull phases, exchange inflows and miner sell pressure evolve from leading to lagging dynamics. Early cycles show miners driving liquidity waves, but in recent rallies, speculative flows dominate, making miner activity more reactive.
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