1. Some people say that after the passage of Bitcoin ETF, it was officially incorporated into the Federal Reserve, and Bitcoin will become an accomplice of the US dollar in harvesting the world.
The idea that "Bitcoin is being co-opted by the Federal Reserve" sounds like a conspiracy theory. It seems that the series of operations on Bitcoin by the Federal Reserve or the US government are premeditated.
I am generally cautious about such views.
I prefer to regard this series of actions as the policy that the U.S. government has consistently followed in the birth and development of new things: let the bullets fly first, and watch while walking, but once they come into my jurisdiction and into my range, I will definitely use my rules to restrain and control you.
In this process, many other stakeholders also take the same actions.
A typical example is traditional capital on Wall Street.
They initially disdained Bitcoin, but then quickly turned to embrace Bitcoin and desperately lobbied regulators and relevant lawmakers. This was not a premeditated plan, but in the process, they quickly smelled the "blood" in it, and in order to gain the most benefits from it and dominate this emerging asset, they immediately changed their attitude and actively promoted subsequent actions.
We can see that in this process, the power of the US government is not unilaterally dominated, but the result of the interweaving, entanglement and compromise of the interests of all parties.
The final result of the compromise and balance among all parties objectively made the US dollar and the United States the dominant force in crypto assets.
As for the view that "Bitcoin is the accomplice of the US dollar in reaping the world" and "there are forces behind the scenes manipulating the price of Bitcoin and then letting the whole world take over", I do not agree with such views.
Because it sounds like these words are praising big capital and big institutions to the sky, and they think they are omnipotent and can influence the whole world.
Old readers who have read my articles know my consistent attitude: in my opinion, most of the big capital and big institutions are just retail investors with a lot of money.
In the 2008 financial crisis, were the big winners Goldman Sachs, Morgan Stanley, Citigroup and other giants? It was the unknown Paulson.
Not to mention big capital, even the US government has made a lot of stupid moves and revealed a lot of failures in history.
What triggered the collapse of the Bretton Woods system? Charles de Gaulle saw that the US government could not redeem gold and forced it to comply.
Back to the crypto market, you might as well recall the operations of several so-called big capitals that broke out during the last bull-to-bear period - they were so bad that they were even worse than many retail investors.
In the above examples, why did those big institutions fail? Why did the US government get caught? Why did those big capitals perform so poorly?
It’s not because their opponents are so magical, but because their opponents dare to see through the flashy appearance and examine with the simplest and most straightforward rules.
Therefore, in the financial market, who reaps whom and who has the last laugh often depends on the most basic principles and the simplest truths, rather than superficial fancy moves.
In the face of market rules, no person or organization is an omnipotent force that can control everything.
Follow the most basic principles, formulate our strategies, control our human nature, and strictly enforce our operations. We don’t know whether the United States can reap the benefits of others, but it certainly cannot reap the benefits of us.
2. About the re-pledge track
Readers often ask questions about the re-pledge track.
In fact, there are only a few popular projects in this field: EtherFi, Swell, Renzo, Kelp, Puffer, and the core EigenLayer.
Among these projects, EtherFi is the only one that has issued a token, and the response to the token issuance is very good. As a result, more funds have begun to flow into other projects that have not yet issued a token.
I remember that I wrote an article a few months ago that specifically analyzed EigenLayer from a technical perspective and the risks they might have.
These risks still exist today, and I read a worrying statistic these days:
Currently, the utilization rate of Ethereum pledged to EigenLayer is only about 10%, which means that only 10% of Ethereum is used to provide "security".
From the perspective of income, we can say that only 10% of the Ethereum in EigenLayer actually has staking income, while the other 90% is idle.
Obviously, this situation cannot provide long-term stable income for the entire EigenLayer ecosystem. But even so, there is still a steady influx of funds.
Why?
Because everyone comes here to issue coins.
So my advice for this track is very simple: only use the funds you can afford to lose as collateral, and choose one or several well-known large projects to participate in. There is no need to delve too deeply into the others.
