Ethena's ENA may rally after its final investor unlock once the market realizes there will not be much selling impact. The unlock follows Ethena's big buyback and fee switch announcement. x.com 

ENA's unlock-day selling fear was largely priced in, and supply pressure is easing as recurring investor unlocks end. The foundation bought out locked positions of large investors who had been selling, bar one wallet, and investor unlocks end now rather than in March 2028. USDe kept growing after ENA incentives ended. Buybacks taking 5% of gross revenue start at $7.5 billion of USDe supply, versus about $4.91 billion now, so growth still has to do the work. x.com 

Plasma's pumps are likely to be smothered for a while because a lot of float and supply remains in holders' hands. Many accounts promoting the product release disclose they are investors, much of the timeline seems to have been in a seed or angel round, and after the drop there are enough marginal sellers at bands all the way up. The product is reportedly decent and tokenomics may be changing for the better, but holders look keen to cut underwater positions. x.com  x.com 

Ethena's expansion of its basis trade into equities could power a comeback. Per Ethena, Binance is its first venue for extending the trade to equity perpetuals, widening the collateral market from $2.5 trillion of crypto to $150 trillion+ of real-world assets. Binance equity basis has averaged about 11%+ annualized over six months, open interest has grown about 30% a month over the last three, and Binance gives eligible delta-neutral accounts lower auto-deleveraging priority. x.com 

Ethena is one of the most reflexive assets as yields return: more trading lifts yields, which drives growth of its USDe stablecoin. Its Binance partnership extends the basis trade into equity perpetuals, which Ethena says expands its collateral market from $2.5 trillion of crypto to over $150 trillion of real-world assets. USDe is one of only four stablecoins with real scale and distribution, and most liquid allocators are meaningfully underweight after excessive bearishness in 2025-26. x.com  … Show more

Worldcoin's token unlocks, worth around $100 million a month, need that much exit liquidity every month, and the buyers to absorb them have been drained. x.com 

Ethena's token could start capturing the protocol's fees if a live governance vote approves programmatic ENA buybacks once USDe supply reaches $7.5B, from about $4.04B now. Ethena earns about $183M in annualized fees, yet almost none reaches ENA, leaving it near 9x price-to-fees but about 4,900x price-to-sales. Equity-perp basis trades, a roughly $6B open-interest market paying 15-20% funding, give USDe a second way to scale. ENA is up 104% this month, so some of this is priced in. x.com 

Fundamentally grounded altcoins such as Ethena, Curve, Chainlink and Hyperliquid could see a more sustained next leg higher if bitcoin holds its range. These protocols have real revenue, users and on-chain activity but were sold indiscriminately during consolidation, and bitcoin's breakout gave them cover to close the discount. Meme tokens rising too shows broad liquidity, and broad rallies tend to last longer than skeptics expect. Hyperliquid's 32% gain near its highs shows real momentum. x.com 

Ethena's ENA token looks stretched relative to current earnings, even if USDe itself is solvent and functional. A post the author replies to notes that the delta-neutral share of USDe backing fell from 93% at the start of 2025 to 11%, funding rates compressed, and sUSDe's yield dropped from 27% at the peak to 3.20% as the protocol pivoted to institutional lending. A sound stablecoin does not make the token cheap. x.com 

BlackRock's plan to tokenize its portfolios is part of a secular move set to take tokenization to new heights, and owning 3-4 assets is enough to capture the coming inflow of liquidity and volume. The basket covers distribution through Ondo, issuance through SCZ, infrastructure through Chainlink and onchain dollars through Ethena. x.com