Brothers, the fate of Ethereum is undergoing unprecedented trials. The accelerated collapse of the triple-strangle chain has pushed what was once considered the 'moat' of blockchain technology to the edge of a cliff. The market crash, the escape of staking positions, the death spiral of leverage, and the sudden macro black swan, one after another, have torn apart the value support of ETH.

Core truth: The triple-strangle chain is tearing apart ETH

First strangle: The largest scale of staking escape in history

850,000 ETH staking positions collectively defect: on-chain evidence! On August 17, the Ethereum validator exit queue surged to 855,158 ETH (about $3 billion), reaching a historical peak, which is three times the data from July! Three major platforms became the main defectors: Lido (285,000 ETH), EtherFi (134,000 ETH), and Coinbase (113,000 ETH). The massive selling pressure that would take 12 days to process has completely blocked the exit.

Institutional cuts in the dark: The Ethereum Foundation rapidly sold 6,194 ETH ($28.36 million), and whale wallets aggressively dumped $242 million worth of ETH to exchanges in a single day, with on-chain whale transfers surging by 300%! Hackers simultaneously plundered black market ETH, and a $500 million capital outflow has become a foregone conclusion.

Old Zhu's spicy comments:

"Staking was once a moat for ETH, but now it has become a flood peak from a breached dam! The countdown for the $3 billion dam break has begun, with three Mt. Gox-level selling pressures bombarding the market every day!"

Second strangle: Leverage cycle collapse triggers 'death spiral'

stETH decoupling nuclear explosion: The current trading price of stETH has depreciated by 0.3% compared to ETH spot, and the shrinking collateral value triggers a chain liquidation of DeFi protocols! 278,000 wstETH have been marked as 'high risk' (health factor 1-1.1). If the discount widens to 1%, it will trigger a bloodbath of positions worth tens of billions.

Leverage meat grinder activated: Sun Yuchen's withdrawal of 600 million ETH from Aave in June caused borrowing rates to soar, and the 'stETH-ETH circular staking' strategy has completely failed! 270,000 ETH leveraged positions were forced to liquidate, and traders sold off spot to repay loans, leading to $180 million in ETH derivatives liquidated within one hour.

Old Zhu's shocking words:

"The essence of DeFi's 'financial innovation' is a Ponzi leverage! When APY falls below 4%, whales will only leave ruins!"

Third strangle: Macro black swan delivers the final blow

Inflation guillotine rises again: The U.S. July PPI data surged by 0.9% (expected 0.2%), with an annual rate reaching 3.3%! The Fed's dream of cutting interest rates in September is shattered, and U.S. Treasury yields soared above 4.37%, indiscriminately slaughtering risk assets.

The crypto circle has become a cash machine: Bitcoin plummeted 5% in a single day, falling below $118,000, with a total liquidation of $132 million (with shorts accounting for $100 million) in the entire network within 24 hours. ETH became the biggest victim — even with an ETF attracting $1 billion in a single day, it couldn't withstand the macro reaper.

Old Zhu's insights:

"When Wall Street begins to discount the 'doomsday tax rate', ETH's 'technology narrative' crumbles under inflation!"

Nuclear-level warning: 4500 defense line breached = 2.94 billion liquidation countdown

Key liquidation threshold:

Price threshold Liquidation scale Chain reaction

Break below 4430 $2.94 billion CEX long positions collectively go to zero

Break below 4072 $2.3 billion Collateral pressure triggers the death spiral

Technical deadlock: TD sequence daily sell signal confirmed! If the weekly line loses the $4386 support, the target aims directly at the abyss of $3980-$3860.

Old Zhu's urgent telegram:

"4300 is not a bottom, but a gallows! Buying the dip now is like reaching out to catch flying knives!"

Exclusive insider: Institutions have set up 'short traps'

Bitwise core idea: Juan Leon's urgent internal meeting revealed — 'Dip Then Rip' is the only truth in the crypto world! However, ETH must first dip to a risk discount rate of 85% (corresponding to $1500) to trigger institutional bottom fishing.

Hedge fund conspiracy: Top quantitative funds are building a hedge wall using ETH Put options + perpetual contracts shorts, betting that the first release date on September 1 will be the trigger for a crash! ETH futures funding rates have plummeted to -0.25%, and the short pressure situation has been set.

Retail survival guide: Three steps to a comeback

Short-term: Hedge immediately! Buy ETH Put options with a strike price of $4000 (expiring at the end of September), or short ETH perpetual contracts (leverage ≤ 10×).

Midline: Keep a close eye on three on-chain indicators — the progress of clearing the staking queue, stETH discount rate, and exchange ETH stock (Coinbase's single transaction of 180,000 ETH is a nuclear explosion signal).

Long-term: Wait for institutional bottom-fishing signals! Bitwise model shows: ETH staking rate falling below 15% + inflation rate falling below 3% = golden pit revealed (current staking rate 22.6%).

Old Zhu's ultimate warning:

"On the eve of the LUNA crash in 2022, the escape from staking was equally silent! History does not remind retail investors — fasten your seatbelts, Ethereum's darkest moment has just begun!"

History always washes out retail investors before reversing — in 2018, ETH fell from $1400 to $80, how much of your position are you betting this time?

Follow Old Zhu, next issue will teach you three unconventional ways to profit in a crash! #ETH🔥🔥🔥🔥🔥🔥