X @Bankless

Market Analysis - The report analyzes whether the rush of public companies locking ETH onto their balance sheets signals a late-cycle greed run or a setup for a painful reversal [1] - The analysis uses onchain signals to estimate the current position in the market cycle, placing it around 9 p.m on the market clock [1] - The report examines surging DEX volumes and record stablecoin supply as indicators [1] Investment Opportunities and Risks - The report evaluates ETH treasury companies, focusing on picking the right ones [2] - It outlines the risks of leverage, premium flips, and exit strategies for smart investors [1] - The report identifies signs of market overheating and indicators of market sentiment [2] DeFi Impact - The report explores the impact of ETH on DeFi and the potential for DeFi Summer 20 [2] - It analyzes active loans in DeFi [2] - The report highlights how staking yield and convertible debt amplify reflexivity [1]