Big pancake, ether, SOL keep rising! Is the market a flash in the pan?! One issue is that the sudden surge did not result in a significant increase in AAVE and CEX lending rates. The mainstream and counterfeit funding rates are also not rate cows. Most likely, funds are lightly loaded, everyone is charging with spot goods, and emotions are king. The overall trend is more driven by spot sentiment rather than a structural market supported by borrowing leverage.