Post #2397

ETH utilization dropping below 90% with borrow rates near 1.9% says leverage demand still has not fully recovered after the rsETH exploit. More than $2.9B combined left wstETH and weETH loops, and the real question now is whether that capital returns to recursive ETH strategies or permanently migrates toward lower-risk venues like Spark and Morpho. The next few months should show whether looping demand was temporarily shaken or structurally reset.