#MarketNewHype

Ethena was down 70% off its all-time high when the Bankless Analyst Team issued thisbullishrating.Beleaguered market conditions since initial BTC failures to break all-time highs in March had rendered Ethena’s basis trade significantly less profitable, but by the middle of October, many within the crypto industry began expressing confidence that markets were poised for an immediate breakout.Although USDe circulating supply was shrinking prior to this analysis, we postulated that a true resumption of the crypto bull market would incite a vitreous cycle for Ethena, in which increased trader demand for long leverage would invariably cause funding rates to rise, turbocharging Ethena’s profitability and attracting new deposits!

$ENA