$ENA has been on my radar after the latest developments around Ethena. The $1B FalconX credit partnership is particularly interesting because it gives Ethena another avenue for deploying USDe backing assets into institutional lending and diversifying its yield sources. TVL recovering toward $4.4B adds to the recovery story. Arthur Hayes also sees ENA as a potential 5x opportunity if stronger $BTC prices lift basis yields and help restart the USDe flywheel. That's his thesis, not a guaranteed target, but it's an interesting catalyst to watch. With $ENA moving sharply, I'm not interested in chasing the candle. If it settles into a range, I'd be more interested in a grid approach on Bitget, while margin is something I'd only consider with a clear setup and strict risk control. For now, I'm watching volume and waiting for confirmation. #BTC Price Analysis# #Macro Insights# $BTC #Altcoin Season# #Bitcoin