Ethena Continues its Upward Momentum with Whale and Institutional Support
Ethena has been on a tear today, with its price surging as fresh capital flows in from whales and institutions. Trading at around $0.5847, ENA has seen a 22% increase in the past 24 hours, marking a significant uptrend in its price. This surge has pushed its weekly gains to approximately 45%, and its monthly gains to an impressive 118%.
Daily trading volume has also seen a substantial jump of 58%, making ENA the top performer of the day by a wide margin, according to CoinGecko. This increase in trading activity has been accompanied by a rise in whale accumulation, with former BitMEX CEO Arthur Hayes purchasing around 2.16 million ENA tokens today, totaling approximately $1.03 million.
Hayes’ total ENA holdings now stand at 7.76 million tokens, valued at about $3.73 million, indicating a strong vote of confidence in the token. Additionally, institutional interest in Ethena has been growing, with StablecoinX, a Nasdaq-listed firm, implementing a treasury strategy that involves daily purchases of $5 million worth of ENA over the next six weeks.
This strategy, part of a $260 million allocation from a recent $360 million capital raise, is expected to remove nearly 8% of ENA’s circulating supply by the end of the program. These consistent daily buys are exerting upward pressure on ENA’s price, contributing to its overall bullish sentiment.
Furthermore, Ethena’s ecosystem is expanding through new partnerships and listings, with its total value locked (TVL) surpassing $7.19 billion, as reported by DeFi Llama. This milestone solidifies Ethena’s position among the top Ethereum-based stablecoin protocols and underscores the growing confidence in the platform.
Despite ENA still trading approximately 53% below its all-time high of $1.24, the prevailing bullish sentiment and strong institutional support are fueling optimism for a sustained breakout. As whales and institutions continue to invest in Ethena, the token’s upward trajectory shows no signs of slowing down.