$ENA This sell-off of -7.4%, with trading volume rising to 2 billion—this isn’t retail getting rid of it; it’s smart money running. A few major addresses on-chain moved last night, and the transfer records are right there—no coincidence. The community is still shouting “the bottom,” but I’m not so sure. At the 0.14 level, there are repeated wick pokes; on the hourly timeframe, it’s basically a range-bound channel consolidation. Until it can get above 0.15, don’t talk about a reversal. The funding rate has turned negative though—shorts are starting to crowd. In that kind of situation, it’s actually easier for a wick-poke (false move) scenario to happen. Old-greenhand experience: the Luna move taught me—don’t rush to catch falling knives in a downtrend; waiting for stabilization signals matters more than chasing a bottom. As the #2 in the re-staking track, $ENA ’s narrative is still there, but clearly the funds are more willing to go play on $PENDLE instead. Market sentiment is panicky, but not at an extreme. The long/short ratio is still around 1.2, which suggests the bulls haven’t given up.