MEV Capital last October was triggered by the de-pegging of deUSD, leading to a series of liquidations, with asset management scale dropping from 1.5 billion USD to 300 million in four months. Belem couldn't stand it any longer and has terminated the delegation, forcibly 'internalizing' this asset management team. This situation feels too familiar, a typical case of earning commissions in a bull market and facing liquidations when things go wrong. The so-called institutional miners are as fragile as paper in the face of stablecoin de-pegging. A 1.5 billion scale being able to pull back 80% indicates that the risk control strategy is basically nonexistent, relying solely on leverage and liquidity premium to hold it up. On-chain arbitrage looks sophisticated, but in essence, it's just picking up coins in front of a steamroller; once the underlying narrative collapses, institutions may retreat just as quickly as retail investors. Belem's wave of 'internalization' is actually a disguised takeover of a mess. Everyone should be more mindful, don’t blindly trust any institutional background; without proper risk control, even a scale of 10 billion can turn to dust overnight. #Stablecoin #RiskManagement
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