Can I still get into $ENA now? Let me give you a few honest points.
In the past few days, discussions about ENA have increased again, and many people have privately messaged me asking: "Can I still get into ENA now? Have I missed the best opportunity to enter?"
Today, I will clarify my judgment from three dimensions: data, logic, and rhythm. I hope this will be of reference value to you. This is not investment advice, but it will definitely be honest.
The real meaning behind the increase in TVL.
In the past week, the TVL of the Ethena protocol has shown a significant increase, especially as the issuance of USDe continues to expand, indicating that its positioning as a "dollar-replacement stablecoin" is gradually being accepted by the market. Two signals behind this are worth noting:
①: The market's confidence in unanchored stablecoin mechanisms is recovering;
②: Large funds are continuously positioning themselves, whether for arbitrage, market-making, or simply betting on price increases.
But it should also be clear: an increase in TVL ≠ a short-term pump signal; more often, it merely reflects that the valuation is being "supported."
The three hundred million dollar institutional buyback pool is still buying.
The Ethena team previously announced that over the next few months, they will invest approximately 300 million dollars in a three-phase buyback plan for ENA, with only the first phase completed so far. On-chain addresses show that there is indeed a large amount of funds yet to be utilized. The buyback process is far from over, and ENA's funding situation is healthy in the medium term.
Currently, ENA is more dominated by "structural rotation + funding logic," and is a main currency worth paying attention to in the market. However, it must be accompanied by strategy and rhythm; blindly FOMOing will only lead you to chase at high points.
If you are also positioning in ENA, pay attention to Brother Bao. I will periodically update on-chain fund changes to help you make judgments.
