Ethena price

DeFi yield renaissance, capital rotating into structured yield $PENDLE $4.64 TVL $12B, $AAVE deposits $73B, $ENA $0.586, structured yield catching institutional flow, rotation to continue into Q4 2025

This is a super tricky market to navigate right now. Some random thoughts/observations (some may be helpful, some not): - Most alts are underperforming, the temptation to rotate into winners is high - Issue is rotations are quite quick (look at how fast $PUMP retraced), even $ENA which was strong for weeks is now weak - Hard to hold a big spot altcoin portfolio now due to dispersion - odds are stacked against you the more tokens you hold - conversely, odds are still stacked in favour of those able to find information/speed asymmetries (ASTER was a classic example) - Best strategy these past few weeks has been to position in stables/BTC as a "base" asset and take higher conviction plays - more and more my strategy has skewed towards this throughout the year (and especially over the last quarter) - Airdrop farming is also (incredibly) back, some of my good friends are set for $1m+ airdrops on Lighter and potentially Aster - spending time there has been +EV - BTC/ETH look weak, hard to see an immediate reversal just given how momentum looks right now, gold has sucked up a lot of liquidity, long term probably a bullish thing for $BTC as it anchors price higher - short term it's taking the wind out of BTC's sails - Odds of an extended "cycle" are more and more likely, wouldn't be surprised if we see another peak later into 2026 - Best thing to do is DCA strong stuff you think will be around in a year, and focus the rest of your time/energy finding narrative plays/trades - which are abundant if you're focused (not wasting your energy chopping around your spot portfolio)