Every cycle, leverage creeps into the system.

In the last cycle, the leverage was hidden from view in FTX/CeFi.

Naturally, we looked for hidden leverage this time as well, with Ethena and DATs as primary targets.

Yet, the leverage was sitting plainly in front of our eyes. Few cared.

And unlike FTX/CeFi collapse last time, this flush is open and the risk of REKT entities with system risk is lower, too.

Still hard to say 100% as rumors of Binance solvency (although very unlikely) need to be left behind.

Feeling cautiously bullish.

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