Here we go again. Seeing that much dry powder moving into Aave while the Fed is still playing games with the dot plot is making me nervous. They aren't parking that kind of capital just to watch it sit; someone is gearing up for a leveraged play, and in this macro environment, that usually ends in a liquidity crunch when Powell decides to keep rates higher for longer. Don't be surprised if we see some massive deleveraging once the next CPI print comes in hot.