#马年开工第一帖

Today’s first order of the day, I choose to observe and wait.

Going all-in is what warriors do, but I prefer to be a calm “hunter.” Currently, the market is in an emotional recovery phase. Liquidity is returning, but the direction is unclear. The coin that has been sitting in my watchlist throughout the entire Spring Festival is — ENA.

Why? From the end of last year to the beginning of this year, the iteration of restaking and stablecoin tracks far exceeded expectations. Ethena, as a player with the logic of “traditional financial yields + on-chain synthetic dollars,” has shown impressive recovery ability after the USTD decoupling stress test. If the macro environment in the Year of the Horse enters an easing rate expectation channel, this high-yield stablecoin protocol will be the first “valley” where funds flow in. I’m watching it, not because it’s rising rapidly now, but because its structure is very much like the reins on a horse — able to control risk and steer the trend.