LONG ENA: Riding the 260M Buyback Wave as Stablecoin Mania Rises 1. Guaranteed Demand Shock: The Ethena Foundation has committed to a 260 million open market buyback of ENA, representing ~8% of the circulating supply. This translates to a relentless, predictable 5 million in daily buying pressure for the next six weeks, creating a powerful price floor and a constant upward force that shorts will find difficult to fight. 2. Prime Beneficiary of US Crypto Legislation: The "GENIUS Act" has officially legalized stablecoins in the US, recasting them as "essential financial infrastructure." As a leading stablecoin protocol, Ethena is perfectly positioned to capture the ensuing wave of institutional capital and adoption. Influential trader PaikCapital explicitly identifies ENA as the premier play for "institutional stable yield." 3. Proven Strength and Powerful Backing: ENA recently hit a 23-week high, demonstrating strong momentum before the full force of the buyback program. High-conviction trader Arthur Hayes is vocally bullish, predicting massive mainstream adoption, stating "Dollar General is about to be stocking ENA." This combination of price action and influential support signals a high-conviction trade. 4. Favorable Market Structure: Despite the public announcement, the sustained, daily nature of the buyback is a dynamic that the market cannot fully price in at once. Every day, a new, non-discretionary 5 million bid enters the market, providing fresh fuel and creating an asymmetric risk/reward for a long position against a backdrop of increasing retail and institutional interest in the "altcoin season."(Karl)