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.

According to Cas Abbé, advanced traders holding long positions in altcoins can safeguard their portfolios by initiating small short positions in BTC or ETH when perpetual futures funding rates become overheated. This hedging approach is designed to mitigate risk and reduce net exposure during potential sudden market drawdowns, thereby enhancing portfolio stability and protecting profits. Source: Cas Abbé.

According to QCP Group, frontend volatility for Bitcoin is compressing, risk reversals are normalizing, and perpetual funding rates have flattened, indicating muted price action in the near term. Traders should closely monitor the $100,000 and $110,000 price levels, as BTC remains rangebound between these key thresholds. These developments suggest a period of consolidation, reducing the likelihood of sudden moves and favoring range trading strategies for market participants (Source: QCP Group Twitter, June 2, 2025).