Dig deeper into the stablecoin track led by $ENA —hidden behind it are major risks! Its reserve assets are deeply tied to U.S. Treasuries; if macro interest rates move even slightly, there is a risk of losing the peg. This mechanism has not yet been tested through a full bear market’s harsh conditions, and the risk controls have significant gaps. The pressure on the token/liquidity side is also not something to ignore—large unlocks are continuously carried out, steadily diluting tokens. Many institutions take advantage of high prices to cash out and exit. This round of上涨 (rally) is basically driven purely by theme/speculation, with no real business growth support. The old stablecoin script: in a bull market, hype the story; in a bear market, it’s easy for things to break down. The current high likely has already topped out. It is expected that over the next two days there will be a deep pullback, and a downward trend may officially begin. Just market chatter, not investment advice—altcoins carry extremely high risk.#以太坊重回2600美元