The Metal market showed genuine seasonality dynamics. What's interesting here is how onchain perpetual futures can function as more than just a trading instrument—they've become a critical attention mechanism for driving market momentum.

When you look at it from this angle, the perpetuals market isn't just creating leverage opportunities. It's actively shaping where capital flows and where traders focus their resources. During Metal's peak season, the activity on these onchain perps amplified the market's narrative and kept momentum alive.

This speaks to something deeper about how modern crypto markets operate. The infrastructure—whether it's decentralized exchanges or perpetual futures protocols—doesn't simply facilitate trading. It actively influences market psychology and participation patterns. Metal's seasonal strength wasn't just about sentiment; it was reinforced by the structural mechanics of how traders engage through these onchain derivatives.