Ethena’s $5.72B Exodus: Is ENA Drowning in Despair? 🌊💸

Behold, a deluge of $5.72 billion in outflows and the drying up of inflows have left Ethena’s TVL gasping for breath, its market sentiment a shadow of its former self. 🌪️⚰️

Behold, a deluge of $5.72 billion in outflows and the drying up of inflows have left Ethena’s TVL gasping for breath, its market sentiment a shadow of its former self. 🌪️⚰️

Miami Beach – When Shayne Coplan launched Polymarket, he didn’t have a team or major funding. What he had was a blockchain, a strong conviction, and a laptop. (Also, possibly a pet tarantula. Not confirmed.)
The platform launched with 60+ tokenized equities, including everyone’s favorite tech darlings: Nvidia (because AI), Amazon (because everything), Tesla (because Elon), and Meta (because, well, nostalgia?). Each xStock token is “fully backed 1:1” by the actual stock, or at least by Backed and Kraken’s best impression of a financial institution. It’s like a loyalty program for people who like complexity.
Thielen, a former portfolio manager with the charisma of a soggy biscuit, claims the crypto market is showing all the signs of a sleep-deprived toddler. October’s record-breaking liquidation event has left Bitcoin looking like a deflated balloon, while macroeconomic risks loom like a grumpy dragon in the background. 🐉
Beloved analysts-those dear souls who watch over these digital treasures-have observed that the miners, that industrious band of black-gloved craftsmen, are still quite active. Their “hash rate”-the very heartbeat of the network-flutters upward with the enthusiasm of the latest fashion craze, indicating that despite the external disturbances, the machinery of the blockchain remains vigorous and unshaken.
Stani Kulechov, the co-founder of Aave (and unofficial spokesperson for “Why Are We Doing This?”), took to X to vent his frustration. According to him, the BoE’s plan is like giving a plant just enough water to survive but not enough to thrive. 🌱💀
same scams, fancier algorithms. OneCoin? PlusToken? Meet their suave, crypto-ninja cousin. 🕵️♀️
Behold, a tale unfolds: a company, BitMine Immersion Technologies (BMNR), led by the enigmatic Tom Lee, has chosen a path both daring and absurd. They accumulate Ethereum (ETH) not through mining, but through the ancient art of persuading investors to hand over their gold-metaphorically, of course. Some hail it as brilliance; others whisper of a time bomb ticking beneath their balance sheet 🕒💣.
This bold maneuver resulted in a net removal of 106,000 ETH, suggesting a preference for long-term storage over the fleeting thrill of immediate sales. One might liken it to a society matron transferring her jewels from a bustling market to a private vault, whispering, “I shall not part with these treasures so easily.”

Turns out, those institutional whales aren’t shying away from crypto just because the waters are as flat as a pancake. Survey after survey shows that digital assets are no passing fancy but a permanent fixture – like Aunt Agatha’s knickknacks.