⚡️Little Black @CryptoHayes has called out again! He is persistently passionate about calling out ethereum:0x57e114b691db790c35207b2e685d4a43181e6061, and there is a reason for this—

1⃣ Hayes participated early in the seed round and seed extension round of Ethena Labs, being the most notable personal investor outside of Dragonfly, with an investment scale far exceeding his later public retail purchases.

2⃣ ENA is still his largest altcoin holding in the annotated on-chain address, with 28.45 million coins, approximately 5.61 million dollars.

3⃣ ENA is the pure vehicle for his macro narrative. His core argument is that the Treasury injecting dollar liquidity → risk appetite rises → perpetual contract funding rates increase → Ethena's basis returns and USDe scale expand simultaneously.

Therefore, going long on ENA is equivalent to using leverage to go long on the crypto bull market + basis trading, which aligns more with his desire for expression in writing columns than simply going long on BTC.

However, the characteristics of Little Black's calls are well known to us:

Directions are often right, timing is often wrong, and his words and actions are often contradictory…

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