Taking some shorts on ENA here (roughly 5% of port):

*Ethena's stablecoin works off the "basis trade". The lower the funding rates, the fewer incentives to hold their stablecoin

*Funding has already dropped and will likely be low in the coming months. Maybe even turn negative due to macro-> Bad for the protocol

*Unlock in April. 70% of the supply is allocated to insiders.

*Closest VC ponzi I have seen since Luna

*Textbook double top