Ethena’s ENA ecosystem is under pressure after the token fell about 99% from its all-time high, while selling pressure from venture capital institutions and a weak crypto market pushed its yield lower and stalled the broader mechanism. Arthur Hayes said in an interview video reposted on X that improving market conditions could revive the system. If Bitcoin rises and triggers large-scale short liquidations, market basis (the gap between spot and futures prices) could expand rapidly. A wider basis could lift Ethena’s yield from about 4% to 8%-9%, potentially restoring a positive feedback loop and renewed activity across the ecosystem.