These days, I've been looking at the narrative of re-pledging/sharing security again, and the more I look, the more I think of one sentence: it's okay to stack returns, but don't also stack up "sense of security."

In other words, if you split the same collateral into many layers of promises, it looks lively on the chain, but the risks will also propagate, and when something goes wrong, everything drops together, not layered to help you bear the load.

Some people also use ETF capital flows and the risk appetite of the US stock market to explain all the rises and falls...
At first, I was quite interested in this kind of "macro universal key," but later I found that emotions rise quickly, conclusions are made just as fast, which actually led me astray.
So I unfollowed a few to avoid being fed a daily "so today you should xxx."
Now I prefer to slow down and first clarify who is backing what at each layer, how problems are cleared, rather than just getting excited over pretty numbers.