Ethena Foundation redirecting 95% of protocol revenue to $ENA buybacks. Management executed buyback of unlocked tokens from major seed investors who'd been dumping for 9 months. One wallet declined. This removes near-term sell pressure from monthly VC unlocks. Team vesting unchanged.

Buyback at scale + clearing investor overhang = supply squeeze setup. Price responding accordingly. Watch for sustained follow-through vs. short-term relief rally.