In the satisfaction theory, the enemy is God's wrath
In Christus Victor, the enemy is death.
13When you were dead in your sins and in the uncircumcision of your sinful nature,[a] God made you[b] alive with Christ. He forgave us all our sins, 14having canceled the written code, with its regulations, that was against us and that stood opposed to us; he took it away, nailing it to the cross. 15And having disarmed the powers and authorities, he made a public spectacle of them, triumphing over them by the cross.[c] -- Colossians 2:13-15
Everywhere I look, these are described a bit differently, but I think we get the drift so far.