In fact, $BTC this position is indeed awkward. Before the Bank of Japan meeting, funds are in a wait-and-see state.
The interest rate hike expectations have already been partially priced in, but the specific extent is still uncertain. I see that even the futures funding rate has turned negative, indicating that the bullish sentiment is fundamentally gone.
Let's wait until the 19th to see what happens. Before such macro events, the risk of going all in is too great. Market liquidity is already poor, and any unexpected news could lead to a waterfall effect.
The crash of institutions like BANK, a DeFi project, really aligns with the current market logic: institutions are not coming in, and retail investors are not buying in.
The so-called "compliant structured products" sound very impressive, but the reality is that traditional financial institutions are simply not interested in this half-baked DeFi. They either directly buy BTC spot ETFs or completely avoid cryptocurrencies. Projects like Lorenzo that want to please both sides often end up pleasing neither.
The concept of Bitcoin liquid staking itself is quite awkward. BTC holders want absolute safety, and those willing to take on smart contract risks for that little yield have basically already gone to play in the Ethereum ecosystem.
Institution-level projects find it hard to have exciting performances even in a bull market, let alone in the current environment with fierce PVP. The market wants fast-paced stimulation, not stable yield products.
