According to @adriannewman21, some crypto projects and platforms are canceling token allocations when investors intend to hedge, trade OTC, or buy forwards, a move he criticizes as overly restrictive and contrary to the industry’s financial freedom ethos (source: @adriannewman21). According to @adriannewman21, this practice removes standard risk management options and creates execution risk for primary-allocation participants who plan to offset exposure via derivatives, OTC trades, or forward purchases (source: @adriannewman21). According to @adriannewman21, teams often justify cancellations by claiming they are giving investors free money, a premise he disputes as being wrong about 50% of the time, underscoring potential mispricing of allocation risk by issuers (source: @adriannewman21). According to @adriannewman21, these cancellations can directly impact traders’ ability to manage downside and liquidity via hedges or forwards, elevating allocation revocation risk that market participants must factor into execution plans (source: @adriannewman21).

According to @EmberCN, Arthur Hayes, co-founder of BitMEX, purchased $1 million worth of ENA across multiple channels in the past 7 hours. Transactions included moving $500,000 USDC to Binance and withdrawing 1.08 million ENA, $250,000 USDC to Galaxy Digital for 560,000 ENA, and another $250,000 USDC to Flowdesk for 520,000 ENA. Hayes has been vocally bullish on ETH during this period. These significant OTC and exchange buys signal increased confidence in ENA and may drive short-term volatility and liquidity flows in both ENA and ETH trading pairs. Source: @EmberCN.