The Illusion of ETH Returns: Risk Warning from Sharplink CEO

In the bull and bear cycles of the crypto market, 'how to generate returns from held assets' has become a core issue for institutional investors. Ethereum staking and various derivative yield solutions are among the hottest directions.

However, Joseph Chalom, Co-CEO of Sharplink Gaming, threw cold water on the market:

'There will always be those who, for the last bit of profit, believe risks can be ignored. But whether it's staking, lending, or complex yield strategies, there are significant risks lurking behind, including credit, counterparty, duration, and smart contracts.'

Why is this statement worth attention?

Sharplink is not an irrelevant small player, but the second-largest publicly held holder of ETH in the world, with a book value of approximately $3.6 billion. It is second only to the world's largest, BitMine (approximately $8.03 billion in ETH holdings). A risk warning issued at this scale is clearly not just 'old hat.'

The essence of the risk can be said to be:

1. Returns coexist with risks: Double-digit APYs often mean taking on more complex risk structures.

2. The laggards are more dangerous: When competitors outperform, lagging asset management companies often take irrational risks to 'catch up,' exacerbating potential blowups.

3. Reputation chain reaction: Once certain institutions face liquidations in pursuit of high returns, the entire ETH yield ecosystem may be called into question.

Let's discuss some reflective questions:

1️⃣ Is ETH staking and restaking truly the 'new generation of treasury yields,' or is it a financial experiment whose risks have yet to be fully revealed?

2️⃣ As institutions accelerate their entry, will ETH enter a cycle of 'high leverage, high returns, and eventual blowups' like traditional finance?

3️⃣ How should investors distinguish between 'stable returns' and 'high-risk speculation'?

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In the current expansion of the ETH yield narrative, Sharplink's warning may remind us: not all 'safe yields' are truly safe. The real challenge is to maintain rationality and restraint amidst prosperity and temptation. #比特币巨鲸换仓以太坊 #ETH #九月加密市场能否突破？