Found something interesting on ETHENA move. I’m not watching ENA because it’s pumping. I’m watching what happens when the buyers stop chasing it.🤔
I’ve been checking the setup on Bitget and the $2B volume got my attention but the bigger story for me is what’s happening behind the token.
Ethena just approved putting 100% of net protocol revenue into $ENA buybacks while the monthly VC unlocks have been removed. That matters because it changes the supply side of the trade.
If the protocol keeps generating revenue while some of the usual selling pressure disappears, then a strong move in ENA has something more substantial behind it than momentum alone.
And with TVL around $4B plus the FalconX institutional credit facility, there’s clearly more happening around Ethena than just retail speculation.
Still, I wouldn't FOMO into a candle after a move like this. My trade idea is simple: let ENA pull back even if am trading $ETH too. If buyers step in and defend a higher low, that's the confirmation I'd want before considering a long.
If it loses that structure, I stay out. The narrative is interesting. The reaction at the next pullback is what I really want to see.
ETHENA, continuation or trap?
#Altcoin Season#
I’ve been checking the setup on Bitget and the $2B volume got my attention but the bigger story for me is what’s happening behind the token.
Ethena just approved putting 100% of net protocol revenue into $ENA buybacks while the monthly VC unlocks have been removed. That matters because it changes the supply side of the trade.
If the protocol keeps generating revenue while some of the usual selling pressure disappears, then a strong move in ENA has something more substantial behind it than momentum alone.
And with TVL around $4B plus the FalconX institutional credit facility, there’s clearly more happening around Ethena than just retail speculation.
Still, I wouldn't FOMO into a candle after a move like this. My trade idea is simple: let ENA pull back even if am trading $ETH too. If buyers step in and defend a higher low, that's the confirmation I'd want before considering a long.
If it loses that structure, I stay out. The narrative is interesting. The reaction at the next pullback is what I really want to see.
ETHENA, continuation or trap?
#Altcoin Season#
