🚹📈ENA was supposed to dump after the unlock
 so what happened? đŸ€”

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.