BNB at ~10x trailing earnings and a clean SEC dismissal screens cheap until you look under the hood: those earnings came off volume that’s already down ~48%. alt spot is off 80–85% from the october local top. burns are funded by exchange revenue, and that top line is rolling over. regulators removed the existential tail‑risk but left a smaller business underneath. the market isn’t ignoring the victory; it’s repricing $8b profit as $4–5b. can devs do something. // zero illusion

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