Is this the reason for the market crash? As Michael Saylor and Tom Lee both face staggering losses of nearly billions of dollars, renowned analyst Rob has revealed in his latest interpretation the structural differences that determine their future resilience. Da Bing lacks native returns, and the leverage flywheel is facing breakage. He said that Da Bing has no native staking mechanism at all. For Saylor's Stretch product, which focuses on a high yield of 11.5%, the only source of funding to maintain a high dividend payout is the price increase of the asset itself. Once the price stops unilaterally soaring, in order to fulfill the dividend, he will be forced to sell his bottom position. He stated that Saylor has indeed shown a willingness to sell coins and pay interest, but this will undoubtedly completely tear apart the super flywheel he has always been proud of. Ethereum comes with its own staking, highlighting its ability to withstand pressure. In contrast, he stated that Tom Lee's situation is completely different. Due to the Ethereum network's native staking mechanism, Tom Lee's Bitmine naturally has a real cash flow of revenue. This means that when facing the same sharp decline dilemma, he doesn't need to sell core assets like Saylor to barely maintain dividend operations. In the favorable wind situation, both can enjoy the carnival together, but in the cruel unfavorable wind situation, whether the underlying system has real "hematopoietic" ability is becoming a huge gap that determines whether the asset model can survive healthily.