In the recent surge where Ethereum broke $4000, altcoins can be divided into two categories: 1. Some altcoins follow or exceed the rise of ETH, and these assets need to be closely monitored, paying attention to the sustainability of the catalysts, such as $PENDLE, $AERO, and $FXN; 2. Other tokens that do not follow the rise, in the context of slowing stablecoin inflows, it is wise to reduce positions in those assets that lack clear positive logic. However, $ENA is one that can still be held.

July has been good to @ethena_labs USDe has posted its fastest growth on record, hitting an all-time high total supply of $7.54bn This month set new records in supply increases across 1, 3, 5, 7, 10, and 15-day windows, marking the most aggressive expansion phase in the asset’s history

Although the altcoin index has not yet reached a high level, the market has entered the altcoin market, and the next script is to produce a Meme big golden dog and end this wave...... A strong sense 🤐 of immediacy

There are several red flags at the moment of this wave of cryptocurrency stock craze: 1. After the large-scale financing plan of the head project came out, it did not rise but fell 2. The leading currency stocks representing assets have fallen sharply continuously, and the rebound has continued to trap people 3. The speculation point of currency stocks is gradually spreading to the mid-tail assets (recent SOL strategy, BNB strategy, ENA strategy), the capital diversion and seesaw effect are obvious, and the trend of currency stocks in the middle and tail assets is also relatively weak, and the daily line is covered with a large number of lightning rods, including the blood-sucking of demon stocks such as OPEN 4. This round of currency stocks' god-making project metaplanet jumps into the sea 5. The number of sickles that buy shells and sell stocks is still expanding, and the growth rate of sickles is faster than the endurance of silly money in the secondary market of US stocks Currency stocks themselves rely heavily on FOMO emotions, once the emotions are killed and interrupted, one of the rounds will stop, cool down, and the pullback stampede will be more serious If ETH can't stand it and starts to fall at this time, it will further expand the inversion of the flywheel.

This flywheel is quite interesting: stablecoin_x From buying locked ENA at a relatively cheap price ➡️ Ethena used the money from selling the locked ENA to buy circulating $ENA in the market ➡️ $ENA Prices are increased ➡️ stablecoin_x The stock price rises, able to raise more money to buy locked ENA ➡️ Ethena buys $ENA, the price goes up...... Those who are familiar with DeFi will find that this is quite similar to Bond, but the liquidity of the buy order has become US stocks...... And this set of gameplay cannot be falsified in the short term $ENA higher

Staying in the $ETH car at the moment is to figure out a logic: Missing this wave I can't imagine when the next main Ethereum wave will be, this wave of narrative may be the last ripple 🫡 of Ethereum in that cycle

Yesterday, a vote on $ETH holdings was polarized: - Nearly half of the user allocation ratio < 10% If this group holds DeFi tokens, it is equivalent to having $ETH exposure, but not holding ETH means that they do not support the independent narrative of Ethereum microstrategy. - More than 30% user allocation ratio > 50% I really didn't expect such a high percentage, because I am basically a DeFi user who follows me? Is there a statement on 🧐 it?

$BONK flip $PUMP narrative has been pretty obvious over the past few days. Believe in common sense, even the evil Zhuang will wait for this narrative to finish before speaking, the current development of BONK is just right, as a speculator is to dance with Zhuang. It is not said that it is on now, only when it is reviewed.

The ETH/BTC exchange rate has risen sharply, and $ETH stands at 3000! Bitcoin and copycats have limited gains, two understandings: 1. The Ether stock flywheel began to take effect, and $SBET also skyrocketed after hours; 2. The traditional liquidity spillover path of Bitcoin → Ethereum → altcoins takes effect. This is doubtful, but the rise in the altcoin index seems to be a sign of what do you know coming? Unfortunately, some of the positions were scared away 🙃 yesterday

Coinbase Bitcoin continues to have a negative premium, and Americans are showing a stronger willingness to leave the market than global users, why?