Grayscale DeFi Fund completed a portfolio rebalance: increased its $UNI holdings by over 5% ($ENA ) and reduced its $AAVE holdings. I suspect it’s betting on expectations of a UNI fee switch and the stablecoin-yield narrative around ENA; AAVE’s fundamentals are solid, so this may just be profit-taking. Adding to UNI and ENA while trimming other positions clearly shows a bet on leading DeFi protocols—the direction is clear.