<div><h3>Topic Overview</h3><p> From July 22 to 25, ENA (Ethena)&#39;s price hit a new high since February due to the large-scale repurchase of 83 million ENA by the foundation&#39;s subsidiary through a third-party market maker in the open market. The on-chain activity and market sentiment increased significantly, and short-term capital inflows were obvious.</p><h3> Drive logic</h3><p> The core driving force of this round of increase is the large-scale repurchase by the project party, which directly boosted market demand. In addition, the popularity of the DeFi sector and KOL publicity triggered short-term speculation. On-chain data showed that the project party frequently transferred coins to the exchange, and the potential selling pressure risk increased.</p><h3> Strategic Recommendations</h3><p> High-risk short-term traders are not suitable for chasing highs. It is recommended to reduce positions when prices rise or wait for a pullback before intervening. Medium- and long-term holders are advised to partially take profits and be wary of the high risks brought by the project party&#39;s continuous currency transfer. It is not recommended to increase positions at present, and there are no obvious signs of sector rotation.</p><p style="margin-top: 20px; text-align: center; opacity: 0.4;"><small>AI-generated summary, not investment advice</small></p></div>