$ENA treating the historical low as the bottom is self-indulgent. There’s no rescue for this valuation deadlock. Only 65% of the float has been released, and the remaining 35%—locked-in shares—are pressing overhead without being unlocked. The valuation has been collapsing all the way from the peak more than two years ago down to the lowest point reached just two months ago, and this “bottom” hasn’t been built yet. On the spot market, big orders are still showing net outflows, and the incoming volume can’t support the sell pressure coming from the unlocked positions afterward.