Earlier today I tweeted about cutting $ENA and got trolled, rightfully so. But here are all the reasons that led me to take this decision on one of my highest conviction hodls. Ethena is fundamentally the strongest project to ever exist in crypto to date. There is no doubt about that. Furthermore, they have a goated founder, in fact a dream founder that every project wishes for. The ecosystem is growing and there is a new catalyst to drive its growth further up every other day. However, none of this is helping the PA and that's slowly becoming an opportunity cost. imo Ethena raised too much money from too many VCs and now there is endless sell pressure. I've been thinking about why it can't hold the price and the only conclusion I can come up with is that most people who are early investors in it do not believe in its further growth and probably think that this right here is the best exit they would ever get. Hence why each news wick is being sold into. Be it the 350M buys, 500M...
Cut $Ena.
I do not intend to trade it, but do not intend to hold it either while it goes to 0.
Don't like each news being used as exit liquidity and sentiment is getting terrible around it.
Onto the next one.
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