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 view that "Bitcoin is being taken over by the Federal Reserve" sounds like a conspiracy theory. It seems that the series of operations of the Federal Reserve or the US government on Bitcoin are premeditated. I am generally cautious about such views. I prefer to regard this series of actions as the policy that the US government has always followed in the process of the birth and development of new things: let the bullets fly first, walk and see, but once they enter my jurisdiction and my range, I must use my rules to restrain and control you. In this process, the actions of many other stakeholders are also the same. The most typical example is the traditional capital of Wall Street.
They were dismissive of Bitcoin at the beginning, and later quickly turned to embrace Bitcoin and desperately lobbied regulators and relevant congressmen. This was not a premeditated plan, but in the process, they quickly smelled the "bloody smell" in it, and in order to gain the greatest benefits from it and then 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 achieved by the compromise and balance of 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 to harvest the world" and "there are forces behind the scenes manipulating the price of Bitcoin and letting the world take over", I do not agree with this kind of view.
Because it sounds like those big capitals and big institutions are praised to the sky, and they are considered omnipotent and can influence the world. Old readers who have read my articles know my consistent attitude: big capitals and big institutions, in my opinion, are mostly just retail investors with a lot of money. In the 2008 financial crisis, were the big winners Goldman Sachs, Morgan, Citigroup and other giants? It was the unknown Paulson.
Let alone big capital, even the US government has made a lot of stupid moves and failed mistakes in history. How did the collapse of the Bretton Woods system happen? Charles de Gaulle saw that the US government could not redeem gold and forced it to comply. Back to the crypto market, let's recall the operations of the so-called big capital that broke out during the last round of bull-to-bear period - they were even worse than many retail investors.
In the above examples, why did those big institutions run into problems? Why did the US government get caught? Why did those big capitals perform so poorly? It’s not because their opponents are so amazing, but because their opponents dare to look beyond the flashy appearance and use the simplest and most straightforward rules to examine. So in the financial market, who will harvest whom and who will have the last laugh often depends on the most basic principles and the simplest truths, rather than the superficial decorations. In the face of market rules, no person or institution 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 about the re-staking track. In fact, there are only a few popular projects in this track: 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. Therefore, 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, analyzing EigenLayer from a technical perspective and the risks they may have. These risks still exist today, and I read a worrying data these days: the utilization rate of Ethereum currently 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 Ethereum in EigenLayer has real collateral income, while the other 90% is idle. Obviously, this situation cannot provide long-term and stable income for the entire EigenLayer ecosystem. But even so, there is still a steady influx of funds. Why? Because everyone is rushing 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.
