Lending aggregators and whales pursuing high-yield strategies have different needs. In bull markets, the changing yield available from different protocols requires them to rapidly change their stablecoin portfolio composition in order to participate in the protocols offering the highest returns, which opens them up to price and systemic risk from the assets they hold. In bear markets, investors retreat to stablecoins (as a basket of stablecoins can be regarded as a portfolio of USD equivalents) and both the risk of de-pegging and the need for liquidity to avoid margin calls greatly increases.