Everyone's talking about the 1.4 billion tokens being unlocked today, but the numbers that can truly change the game are in another document. The waiver signed on September 14th canceled the lock-up period for the 3 billion tokens held by StablecoinX. That 3 billion makes up 20% of the total supply—more than double the batch being unlocked today. Before selling, they need to give the foundation a written notice five business days in advance, and the foundation has the right to buy the tokens at the same price first. Today's cancellation is just removing the paper restrictions. When it comes to actual selling, the foundation gets first pick. ENA dropped 18 points from the $0.29 high on September 27th, now sitting at $0.24. Those 18 points lost represent the tokens that can truly be sold freely. What's weighing on the price is the repurchase trigger that hasn’t been activated yet. USDe is currently at $4.9 billion, still $2.6 billion short of the $7.5 billion trigger line. Until the line is hit, $134 million will continue to be released monthly from the team and foundation. I’m not touching today’s batch—until supply stabilizes, I’m staying on the short side.