Arthur Hayes: Bitcoin Short Squeeze May Restart Ethena Flywheel, ENA Yield Could Rise to 9%

Hayes is framing Ethena's yield as a function of market structure rather than protocol fundamentals, which matters because it ties ENA's appeal to conditions that can reverse quickly. A short squeeze would drive the funding and basis dynamics that feed the flywheel, but the same mechanism works in reverse when positioning unwinds. The open question is whether that yield is durable or merely a byproduct of a crowded short setup.