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Yuvi.
$ENA
跌幅接近BTC，收益型叙事的风险该如何看？
今天早间现货快照中，ENA的24小时涨跌幅-0.49%，区间0.19332—0.21354 USDT。
币价相对稳定不意味着底层收益没有波动。净利差、对冲成本与资产负债匹配，才决定收益能否在不同市场阶段持续。
若资金成本上升压低净收入，应下调估值，即使价格暂稳；若净收入与风险缓冲同时改善，修复才更有依据。
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