Lido stETH seemed to restore its peg to <0.1%, withdraw queue went from 20 days back to 8 days. But it’s not over. Yesterday, looks like a sudden large influx of ETH (~$400m) flowing into Aave, which brought WETH borrow APY back down to ~3%. But 3% is just the break-even point for ETH looping. If the ETH treasury narrative continues, $ETH continues to go up, more ETH whales will be offloading (i.e. keep withdrawing from Aave, won’t be just Justin Sun). This market condition is not suitable to have a levered ETH position (negative carry will get enhanced by looping).

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