🚨📈ENA was supposed to dump after the unlock… so what happened? 🤔
A huge amount of ENA became liquid on October 5.
Normally, this sounds like a simple story:
More supply → more selling → price goes down.
But ENA is doing something more interesting.
After the unlock, ENA is still trading around $0.24–$0.25, with more than $500M in 24h trading volume. (MetaMask)
And there’s another detail worth watching…
🐋 Arthur Hayes bought 22.64M ENA worth around $2M in just five days. (Lookonchain)
Meanwhile, Ethena is pushing its ecosystem further:
• USDe is expanding
• Binance bStocks are now part of USDe’s collateral strategy
• Ethena is working toward ENA buybacks tied to protocol revenue (CryptoRank)
So here’s the interesting question:
Was the unlock actually the opportunity everyone was waiting for?
Or is ENA simply delaying the selling pressure?
📉 Bear case: more supply can still hit the market.
📈 Bull case: growing USDe + protocol revenue + future buybacks could create real demand for ENA.
And yes…
Some traders are looking at this as a potential short opportunity if the new supply starts hitting exchanges.
But if ENA keeps holding while that supply is being absorbed?
That could be a very different signal.
Would you rather buy the dip, short the weakness, or stay away?
👇 I want to hear your take.
A huge amount of ENA became liquid on October 5.
Normally, this sounds like a simple story:
More supply → more selling → price goes down.
But ENA is doing something more interesting.
After the unlock, ENA is still trading around $0.24–$0.25, with more than $500M in 24h trading volume. (MetaMask)
And there’s another detail worth watching…
🐋 Arthur Hayes bought 22.64M ENA worth around $2M in just five days. (Lookonchain)
Meanwhile, Ethena is pushing its ecosystem further:
• USDe is expanding
• Binance bStocks are now part of USDe’s collateral strategy
• Ethena is working toward ENA buybacks tied to protocol revenue (CryptoRank)
So here’s the interesting question:
Was the unlock actually the opportunity everyone was waiting for?
Or is ENA simply delaying the selling pressure?
📉 Bear case: more supply can still hit the market.
📈 Bull case: growing USDe + protocol revenue + future buybacks could create real demand for ENA.
And yes…
Some traders are looking at this as a potential short opportunity if the new supply starts hitting exchanges.
But if ENA keeps holding while that supply is being absorbed?
That could be a very different signal.
Would you rather buy the dip, short the weakness, or stay away?
👇 I want to hear your take.
