Bitcoin is still trying to find its footing around $80K, and that’s making the altcoin market feel pretty cautious. But $ENA caught my attention. What started as a price move is becoming a bigger story. Ethena is now putting 100% of net protocol revenue toward programmatic $ENA buybacks, while seed investor buyouts are complete and monthly VC unlocks have been removed. That’s a meaningful change to the supply side. With TVL around $4B and trading volume pushing past $2B, there’s also real activity behind the narrative. I’m not saying to chase the move. I’m watching how ENA behaves if $BTC strengthens or pulls back. For now, $ENA is one trade I’m keeping on my radar and trading on Bitget. Sometimes the best setups are the ones where the fundamentals start changing before everyone notices.. #Altcoin Season# #Macro Insights#