Arthur Hayes: Bitcoin is shorting the market or restarting the Ethena flywheel, ENA yield is expected to rise to 9%

Comparing news, Arthur Hayes retweeted his interview video on the X platform saying that the Ethena (ENA) ecosystem is currently facing a downturn, but as the market environment improves, its revenue mechanism may restart. The price of ENA has fallen by about 99% from its all-time high. The yield has declined due to pressure from venture capital institutions and the downturn in the crypto market, bringing the entire mechanism to a standstill.

Arthur Hayes said that if Bitcoin rises and triggers large-scale short liquidation, the market basis (basis) may expand rapidly, and a higher base spread will drive Ethena's yield to 8%-9% from about 4% now. When yields recover, Ethena's revenue-driving mechanism may re-form a positive cycle, driving the ecosystem to revitalize again.

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