Ethena [ENA] climbs as Q1 revenue beats Q4 2025 – Yet ONE risk remains

In a stunning display of numerical gymnastics, ENA posted double-digit gains over the past 24 hours, as capital found its way into high-beta altcoins. A delightful spectacle, if you’re one for volatility. But alas, behind the curtain, the protocol and derivatives data suggest this rally may not be as one-dimensional as the traders would like to believe. Isn’t it always more complicated than it seems?

