If Kaito had a @ethena_labs-related mindshare leaderboard, I think I’d at least rank decently. Over the past period, when many people were bearish/hedging $ENA because S4 season is about to end (September 24), their micro-strategy StablecoinX dropped a bombshell: announcing a $530M refinancing and a plan to buy back 13% of the total circulating supply within the next 6-8 weeks. This instantly sent the token price flying. I’ve mentioned $ENA many, many times before, and it has some standout characteristics: The team is exceptionally good at making moves, especially in BD (business development). The bullish news they generate often stuns the market. Its performance is highly correlated with the overall market trend. To some extent, you can think of it as a leveraged market token, so its price fluctuates significantly with market sentiment. Their actuarial skills are strong, striking a great balance between the returns for mining/hedging whales and the volatility of secondary trading for retail investors, leaving plenty of room for operations. In other words, if you seriously study $ENA’s fundamentals and the seasonality of its cycles, you can genuinely make stable profits—and not just one-off trades. You don’t need to guess the whims of the whales either. If you’re feeling disillusioned with crypto projects and research, thinking all fundamentals are fake and it’s just whales dumping on you, I think you should give ethena a shot. From many angles, you can find opportunities to make money. BTW, I’m not shilling $ENA. S4 is almost over (March 23, 2025, to September 23, 2025, a total of 6 months). During this season, it’s expected that no less than 3.5% of the total supply of $ENA will be released. So, the future battle between sell pressure and treasury buybacks is still up in the air. As for me, I’ve already secured my mining profits and set up my safety nets. My grid trading will keep running for now.