I just took a look at on-chain inflows and outflows for a few LSTs—it’s kind of interesting. Re-staking is all the rage, but the revenue source is basically three parts: first, the underlying assets themselves (like ETH) generate staking rewards; second, the fees you earn for providing security services (AVS) to other protocols; third, various token airdrops and incentives. As for the risks, they’re pretty straightforward too—smart contract issues, liquidity de-pegging, and a chain reaction caused by large holders concentrating and running away. Recently, big addresses have been quite active: some are quietly adding positions, while others are withdrawing in batches. In any case, the on-chain data is quite fragmented.

On the macro side, discussions about rate-cut expectations and the market rising and falling together are also pretty lively, but honestly, nobody is really sure what’s going on in people’s minds right now, and capital flows sometimes don’t follow the usual logic. Anyway, my habit is: when I don’t understand, I reduce my position first—don’t let emotions drive me.

That’s it for now.