This operational approach is actually quite straightforward—rather than saying it's bearish on Ethereum, it's more about playing the Beta coefficient game.

Taking DeFi tokens like PENDLE, LDO, and ENA as examples, their historical performance can provide the answer. Suppose ETH rises from 2900 to 4000, a 38% increase; these liquidity mining and staking ecosystem tokens typically exhibit a Beta of 1.5 to 2.5. In other words, the same principal invested could yield returns ranging from 50% to 95%.

The reverse is also true—risks are more severe during downturns. This isn't some complex logic; it's the basic game of capital allocation: stacking the odds on assets with higher Beta to achieve higher multiples of return. But the premise is to clearly understand the volatility nature and historical correlation of these tokens.