š° Arthur Hayes publicly calls ENAās target price to $0.5. Buy orders follow quickly. But on-chain data shows he had already finished building his position a month agoāhis related wallets hold 25.33 million ENA at an average price of about $0.09, with an unrealized gain of $3.28 million and a return rate exceeding 146%.
š„ To be honest, after already making more than double, coming out to loudly signal a trade can make retail investors a bit uneasy. After his call, ENA first surged and then pulled back, leading many to wonder whether heās using the momentum to find buy-side support for his low-cost holdings.
š” However, ENA this time isnāt driven solely by celebrity effect. Ethena has proposed using 95% of the protocolās net revenue for secondary-market repurchases of ENA. The proposal passed with 14.1 million votes in favor and 0 againstāwell above the 5 million vote thresholdāso the token finally starts to have a direct link to protocol revenue.
ā ļø But challenges are right on the horizon. The foundation has bought out some early investorsā allocations, but the locked tokens that were not bought out must be released all at once by October 5. On top of that, Ethenaās income depends on a positive funding rateāif market conditions weaken, the repurchase funds could also shrink.
š¤ If Hayesās address starts moving ENA before October 5, would you cut your position early, or wait to see the postāconcentrated unlock settlement results?
#ENA #Ethena #DeFi #on-chain data
š„ To be honest, after already making more than double, coming out to loudly signal a trade can make retail investors a bit uneasy. After his call, ENA first surged and then pulled back, leading many to wonder whether heās using the momentum to find buy-side support for his low-cost holdings.
š” However, ENA this time isnāt driven solely by celebrity effect. Ethena has proposed using 95% of the protocolās net revenue for secondary-market repurchases of ENA. The proposal passed with 14.1 million votes in favor and 0 againstāwell above the 5 million vote thresholdāso the token finally starts to have a direct link to protocol revenue.
ā ļø But challenges are right on the horizon. The foundation has bought out some early investorsā allocations, but the locked tokens that were not bought out must be released all at once by October 5. On top of that, Ethenaās income depends on a positive funding rateāif market conditions weaken, the repurchase funds could also shrink.
š¤ If Hayesās address starts moving ENA before October 5, would you cut your position early, or wait to see the postāconcentrated unlock settlement results?
#ENA #Ethena #DeFi #on-chain data
