Ethena is working to break the traditional correlation between crypto business models and Bitcoin price movements, according to analyst gdog97_. The protocol seeks to establish a revenue model that remains viable regardless of BTC market cycles. This strategy mirrors approaches already implemented by Hyperliquid and Tether, which have successfully built business frameworks less dependent on Bitcoin's volatility. The shift represents a broader industry effort to create sustainable crypto enterprises that can thrive outside of direct correlation with flagship asset performance.