#Strategy加码BTC配置 A detail worth pondering:

ETH locked on Aave has already surpassed 3 million tokens.

It sounds like just a number, but the logic behind it is quite interesting.

This is not purely about holding coins. It’s more like ETH transforming from a "trading asset" into "production material." When it enters lending protocols, it starts generating cash flow—interest, liquidation fees, protocol revenue.

And then?

With more ETH collateralized on Aave, more lending capacity can be unlocked, attracting more users. The larger the scale, the higher the income. The cycle keeps turning like this.

More importantly, it’s about changes in circulation.

An increasing amount of ETH is "locked" in DeFi, with new ETH being utilized every day. This is not a temporary phenomenon but a continuous absorption. What about selling pressure? It hasn’t decreased, but supply is shrinking. This imbalance often takes some time to reflect in prices, but it is indeed changing the market’s fundamental nature.

Looking at historical cycles, the real upward phase has never been driven by hype. Instead, assets are continuously put to work, generating new income every month. When you see large amounts of capital no longer considering "when to sell" but instead asking "how to make it more valuable," that’s a signal of long-term capital entering the market.

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