According to @secondswap_io, today's Ethena (ENA) unlock introduces roughly $25M of new supply while an existing $260M buyback program is already absorbing circulating tokens, which they say cushions near-term market impact and keeps adoption velocity in focus. Source: SecondSwap on X, Sep 2, 2025. Based on SecondSwap's figures, the unlock size is about 9.6% of the buyback capacity, indicating buyback firepower materially larger than today's issuance. Source: SecondSwap on X, Sep 2, 2025.

According to @EmberCN, five Ethena institutional investor addresses transferred a total of 40,217,000 ENA (about $29.8 million) to exchanges since last night (source: @EmberCN). Per @EmberCN, Strobe Ventures sent 7,000,000 ENA to Binance 12 hours before the post and withdrew 5,087,000 USDC 4 hours later, with a sale price of $0.726 (source: @EmberCN). Per @EmberCN, Amber Group deposited 6,390,000 ENA (about $4.84 million) to Binance 4 hours before the post (source: @EmberCN).

According to @adriannewman21, owning ENA can be a straightforward way to express an Ethereum-bullish view, source: Adrian on X (Aug 9, 2025). Ethena’s USDe is primarily collateralized by ETH staking assets and hedged with short perpetuals to stay delta-neutral, so protocol returns are driven by staking rewards and perpetual funding rates tied to ETH market conditions, source: Ethena Labs Documentation. For trading, monitor three ETH-linked signals: ETH perpetual funding rates, ETH staking yields, and USDe circulating supply reported on the project’s transparency dashboard, sources: Ethena Labs Documentation; Ethena Transparency. Key risks include negative funding compressing sUSDe yield, basis dislocations increasing hedge costs, and centralized exchange counterparty risk on hedges, source: Ethena Labs Documentation.