ethena generating $4.62m in daily fees on an $847m market cap. arthur hayes dumped his entire ENA position june 5th. 54.65m ENA OTC'd to galaxy digital same day, 14% drawdown. meanwhile coinbase ventures bought ENA on the open market at the same prices you can, and the first coinbase x ethena product launches this week with native USDe on base. coinbase has 108m verified users. hayes selling into the biggest distribution catalyst ethena has ever had is either the smartest exit or the worst timed one. watch USDe supply over the next 30 days. if it grows $500m+ the distribution thesis is confirmed and the cap makes no sense relative to fees.
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