$ENA is pumping like crazy right now, what’s actually going on? 👇 - First, $USDe just pulled in nearly $2B in a week. That’s insane. You don’t see that kind of inflow in this market unless something serious is cooking. The main reason is sUSDe is paying 10% APY. People are looping DeFi left and right to farm that yield, and all that new demand just keeps feeding into ENA. - Second, this isn’t your typical stablecoin game. Ethena isn’t sitting on treasury bills like USDC or USDT. They’re raking in revenue from perp funding rates, and with funding spiking right now, $ENA holders are reaping the rewards. - And then there’s the NASDAQ angle. Ethena’s partner is about to IPO, and they’ve raised $360M with $260M of that about to be used for open-market ENA buybacks. That’s 8% of supply getting eaten up in just six weeks. Put it all together and you get this kind of monster move. It’s not random, there’s real money, real flows, and a narrative that CT can’t ignore.