$ENA ’s recent move is worth watching, but I’m not interested in chasing the momentum. The more important question is what happens when the buying pressure cools. That pullback could tell us whether this move has real strength behind it or is simply short-term speculation. The $2B volume on Bitget is notable, while Ethena’s changing supply dynamics add another layer to the setup. With 100% of net protocol revenue allocated to $ENA buybacks and monthly VC unlocks removed, the supply side looks more supportive. Roughly $4B in TVL and institutional involvement through FalconX also strengthen the broader narrative, although none of these factors guarantee higher prices. From a trading perspective, I’d rather wait for confirmation than chase the current move. If #ENA pulls back, holds a higher low, and buyers return, that could offer a cleaner setup. If the structure breaks, I’d stay out. The rally gets attention, but the pullback reveals the real strength. $ETH #Macro Insights#