Three headlines, one direction — $ENA just slipped under $0.16 while the rest of the market barely moved. The weight looks like supply: roughly 94M tokens unlocked Nov 1-3, with more vesting tranches queued for private investors and the team. Then the Kelp DAO exploit forced Ethena to pause its LayerZero bridges, and fresh scrutiny of leveraged USDe products piled on. $ENA now sits near $0.157, down about 5% in 24 hours on roughly $150M in volume, hugging its daily low and down around 17% this week. $BTC is flat near $75,723 by comparison, so this is not the market dragging it down. If buyers reclaim $0.16, the slide probably pauses; lose $0.15 and the unlock overhang likely keeps dragging it lower. Is the unlock the real story here, or the bridge pause?

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