Today’s quiet tape masks an under-priced security narrative. BTC is up 1.4% to $79,082, ETH up 2.6%, SOL up 1.3% — yet the real signal is in exploit data. Fogo halted its mainnet after an attacker received 400M FOGO tokens, roughly 10% of circulating supply. Cosmos Labs admitted it wrongly cleared the bug behind a $5.7M six-chain hack. Two separate L1 security failures in one cycle. The market is pricing these as isolated incidents, not systemic risk. Falsifier: if patch cadence and audit standards improve across major L1s, the security premium compresses. Until then, the gap between calm prices and recurring mainnet halts looks wider than the evidence supports.