$ENA's price performance as the native token of the Ethena protocol is closely related to its stablecoin, USDE. USDE is a synthetic USD stablecoin that generates yield through derivatives arbitrage and staking rewards, while $ENA attracts users through revenue sharing and incentive mechanisms. The rapid growth in revenue and fees, especially the 706% increase in revenue within 30 days, indicates a significant short-term increase in trading activity and user engagement within the $ENA ecosystem. The current valuation is relatively high compared to annualized fees and revenue, and the sharp decline in the ratio within 30 days may indicate a lack of market confidence in $ENA's profitability, but the slight increase in the ratio within 1 year shows long-term potential value. $ENA currently exhibits the potential of a "cash cow" with its strong revenue-sharing model and fee income growth, but the price decline and high valuation ratio indicate market disagreement on its short-term prospects. The passage of the weekly news summary "GENIUS Stablecoin Act" has had a significant impact on the US Cryptocurrency market, especially on stablecoin issuers and related companies. The bill requires stablecoins to be fully reserved in USD or highly liquid assets and imposes annual audits on issuers with a market cap exceeding $50.00 billion, which enhances market confidence in compliant stablecoins. Circle (CRCL-US), as the issuer of USDC, directly benefits from this bill, with its stock price surging nearly 30% on Wednesday (June 18th), closing at $199.59, reflecting the market's optimism about its compliance and growth potential. Since its listing on June 5th at an issue price of $31.00, Circle's stock price has cumulatively increased by about 6x, showing continued investor recognition of its market share (second only to Tether's USDT) in payments, settlement, and digital dollar storage. Coinbase and Robinhood rose 12% and 4% respectively, reflecting the indirect benefit of the bill to Cryptocurrency trading platforms, possibly due to the expectation that the standardization of the stablecoin market will drive trading volume and user adoption. Macro, Btc, L1/2 Fundamentals Macroeconomics The Federal Reserve maintained interest rates unchanged at its June meeting and predicted two rate cuts in 2025. This indicates that US monetary policy will remain cautious in the short term and may tend to ease in the long term. Historical data shows that Federal Reserve easing policies, such as rate cuts or a slowdown in balance sheet reduction, usually increase market liquidity and push up risk assets, including Cryptocurrencies. The 2024 GDP growth rate was lowered from 1.7% to 1.5%, the unemployment rate remained stable at 4.4%, and the PCE inflation rate remained at 2.7%-2.8%. This trend indicates that economic growth is slowing but inflation is under control, which may weaken the pressure on the Federal Reserve to further tighten policy. For Cryptocurrencies, economic uncertainty may lead investors to seek safe-haven assets (such as Bitcoin), especially when traditional markets experience increased volatility. The Federal Reserve's withdrawal of guidance related to bank Cryptocurrency asset activities may be seen as indirect support for the Cryptocurrency industry. This may encourage more financial institutions to participate in the Cryptocurrency market, increase institutional investment, and thus push up prices. However, this policy change may also bring regulatory uncertainty, affecting market sentiment. The Federal Reserve's cautious easing contrasts with Japan's gradual tightening, and the impact on Cryptocurrencies may depend on the overall balance of global liquidity. If the Federal Reserve's rate cut expectations dominate and Japan's tightening pace is moderate, Cryptocurrencies may benefit from increased risk appetite. The BTC heat map shows that the supply is in a higher price range, located between $955,000.00 and $970,000.00, forming the first dense cluster, with the cost basis for short-term holders slightly below $980,000.00. This dense supply cluster does mark a key price threshold. Maintaining above this level could support the continuation of the bull market, as it suggests that the market has sufficient support to absorb selling pressure. However, if the price falls below this threshold, especially given the cost basis of short-term holders, it could trigger greater selling pressure, leading to a medium- to long-term bearish trend. L1/2 Ethereum dominates fund inflows and outflows, with Ethereum dominating both inflows and outflows, with net inflows of approximately $2.1B, continuing last week's inflow trend, showing its strong appeal as a major blockchain. Base has the most significant net outflow, with a net outflow of -$1.5B, continuing last week's outflow trend, showing its greater capital outflow pressure, and there may be certain market or technical factors leading to capital withdrawal. Ethereum may be the current market hotspot, suitable for short-term holding or increasing holdings. Recently, the net holdings of Ethereum whales (addresses holding 1k to 10k $ETH) have seen a significant increase, reversing the downward trend since the beginning of the year, which indicates that institutional funds and high-net-worth investors are actively deploying, possibly in anticipation of potential positive events. Although the $ETH price trend has been relatively stable in recent days, the active on-chain wallet behavior reflects increased market confidence. The green area in this week's chart is the bull market rising period, with a large increase in on-chain activity and a low FRM. This stage is usually accompanied by an increase in Bitcoin prices and a significant increase in on-chain transaction activity. The FRM is at a low level, indicating that transaction fees are relatively low, which may reflect the combined effect of market optimism and high transaction volume. In a bear market, on-chain activity decreases, transaction volume decreases, and the FRM increases. This may mean that transaction fees become higher relative to network activity, possibly due to decreased market participation or low network utilization. The red area on the right side of the chart shows that the current FRM is at a high level, indicating that on-chain transaction activity is relatively quiet. This shows some divergence from price performance, as prices still seem to be rising, but on-chain activity has failed to keep up, which may indicate a potential weakness in market momentum. When the FRM rises sharply to a high level, the market often welcomes a large-scale downward trend, which seems to be similar in historical data, such as the second top in 2021. From a technical analysis or historical pattern perspective, this may be a warning sign that needs to be heeded, especially in the current situation where prices are decoupled from on-chain activity. Token Unlock The total value of this week's token unlock is around $800.00M. Compared to last week's data, the total unlock value last week was approximately $900.00 million, while this week's decrease is nearly one-ninth. The chart shows that the unlock value this week is decreasing, generally equal to the average level, and is expected to further decrease next week. The main token unlocks this week are MRS (accounting for 22% of this week's total unlock), FTN (accounting for 10% of this week's total unlock), SOL (accounting for 8% of this week's total unlock), and ZRO (accounting for 6% of this week's total unlock). Financing Future Important Events Federal Reserve Chairman Powell is scheduled to testify before the Senate Banking, Housing, and Urban Affairs Committee on June 24-25. Powell will testify on the Federal Reserve's semi-annual monetary policy report to Congress. The US Core PCE Price Index MoM on Friday (June 27th), as the Federal Reserve's preferred inflation indicator, if the data is higher than expected (for example, exceeding 0.1%), may trigger concerns about interest rate hikes, and Cryptocurrencies may be under pressure to fall; if the data is lower than expected, it may be seen as positive, stimulating the market to rise.