These days, some people are again tying ETF fund flows and the little bit of risk appetite in the U.S. stock market directly to the ups and downs in the crypto world. It looks pretty lively, but I’d rather keep my eyes on where the APY of those “income aggregators” in my own positions really comes from. Honestly, behind a single number on a page, there could be several layers of contracts passing funds back and forth—plus involved counterparties (who’s borrowing, who’s repaying, who’s liquidating)… Scrolling through the chain at midnight feels like binging a drama, but once I see abnormal transfers, I’m immediately wide awake.

Earlier, I was pretty into keeping track of certain “high-APY compilations,” thinking it would be convenient. But later I found that once the route changes or the pool gets squeezed, the returns don’t really change that much—yet the risks suddenly increase in several different ways. My mindset flipped directly from following to “unfollowing” … forget it. I’m too lazy to deal with it. Now I’d rather earn a little less, as long as I can understand what the funds are doing. At the very least, when something goes wrong, I know which button to press first.