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According to ChainCatcher, citing a report from CoinDesk, Sentora Research stated that after the sharp decline in the crypto market, nearly $1 billion DeFi positions involving Ethena-staked USDe (sUSDe) are at risk. The plunge has led to a significant drop in DeFi market interest rates, causing leveraged strategies such as sUSDe loop trading to see reduced returns. On Aave v3 Core, the USDT/USDC lending rates are approximately 2% and 1.5% higher than sUSDe yields, respectively. Users leveraging stablecoins to go long on sUSDe are experiencing negative returns, and loop positions buying sUSDe with borrowed stablecoins have started to incur losses. If this situation persists, about $1 billion in positions exposed to negative carry on Aave v3 Core may be liquidated. Negative carry could force collateral sell-offs or deleveraging, weakening liquidity on trading venues and triggering a chain reaction. Sentora reminds traders to pay attention to the interest rate spread between Aave lending APY and sUSDe yields, especially when it remains negative, as well as the utilization rates of USDT and USDC lending pools. Currently, more and more loop positions are approaching liquidation. In the future, traders should watch for surges in USDT and USDC lending pool utilization rates, which may drive up borrowing costs and further increase market pressure when the spread is negative.

Jinse Finance reported that according to K33's latest report, Solana ETF may see strong demand after its listing, while other altcoin ETFs could face weaker capital inflows in the absence of participation from BlackRock. The K33 analyst team, led by Vetle Lunde, stated in a report released on Tuesday that the spot SOL ETF is expected to attract substantial capital inflows, and signs of investor demand are already very evident. The analysts pointed out that the potential capital inflows for Solana funds can already be seen from the sustained demand for the 2x long SOL leveraged ETF launched by VolatilityShares—which currently holds an equivalent exposure of about 2.28 million SOL. Meanwhile, other issuers are also preparing to launch more altcoin ETFs. For example, the Litecoin (LTC) and Hedera (HBAR) related ETFs launched by Canary were listed on Tuesday. Lunde cautioned that in an increasingly crowded market, these smaller and less well-known altcoin ETFs may struggle to attract sufficient attention. "We expect demand for different ETFs to diverge," the analysts wrote in the report, adding that in a competitive environment where dozens of other altcoin ETFs are being launched, some altcoin funds may "become irrelevant."