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A thread 🧵
Almost the entire on-chain economy is priced off a rate nobody formally set.
A proposal to taper it to zero failed at Ethereum's first upgrade hurdle this month. DeFi's largest builders moved to stop it.
Who actually sets Ethereum's monetary policy?
$BTC is trading around $62,921 on the 1-hour chart, while ROC has dropped to -1.02.
Price is under pressure, and short-term momentum has turned firmly negative.
Are sellers gaining control or is momentum simply resetting?
Chart Decoder 👇
go.bitfinex.com/chartroc