[Arthur Hayes: Bitcoin Short Squeeze Rally Could Restart Ethena Flywheel, ENA Yield May Rise to 9%] Odaily Planet Daily News – Arthur Hayes shared a video of his interview on the X platform, stating that the Ethena (ENA) ecosystem is currently in a slump, but its yield mechanism could restart as market conditions improve. The price of ENA has dropped approximately 99% from its historical high, with venture capital sell-offs and a sluggish crypto market causing yields to decline, bringing the entire mechanism to a halt. Arthur Hayes noted that if Bitcoin rises and triggers a large-scale short squeeze, the market basis could expand rapidly, and a higher basis could push Ethena's yield from the current 4% to 8%-9%. Once yields recover, Ethena's yield-driven mechanism could reestablish a positive cycle, revitalizing the ecosystem.