Two things to check out this morning: 1) Aave's $200M bad debt from the KelpDAO exploit has raised about $160M so far. DeFi isn’t dead, but incidents like this make capital more selective about platforms and liquidity. 2) CoinDesk reports that Hyperliquid whales have been stacking BTC long positions for two consecutive months, while funding rates remain negative for an extended period. In the short term, BTC looks more like strong consolidation. If spot prices keep climbing, shorts could get squeezed; however, DeFi risks will continue to weigh on altcoin sentiment.