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I think Xiaohei's operation is quite logical. Changing $PENDLE , $LDO , $ENA is not about bearish ETH, but betting on the Beta coefficient. If ETH rises from 2900 to 4000 (+38%), historical data shows that these DeFi tokens can typically achieve 1.5-2.5 times Beta. In other words, with the same capital, the returns could be 50%-95%. Of course, the same risk applies if the price drops.