I checked before bed last night, and everyone is again interpreting crypto price movements using ETF fund flows and U.S. stock risk appetite, talking as if it's weather forecasting... I'm actually more concerned about how things like LST/re-hypothecation, which "stack additional yields," actually stay alive. To put it simply, returns either come from real fees/rewards or someone is willing to pay for "more convenient liquidity + leverage strategies"; but the risks are pretty straightforward: if on-chain contracts have issues, validation/punishment mechanisms fail, or liquidity tightens (everyone suddenly wants to withdraw), the price will shake first. Opening a window when it's hot can be comfortable, but too much wind might also knock over the flowerpot... I'm just testing with a small position now; being able to sleep is the most important.

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