Ethena’s $ENA Rises 37% Driven by Institutional Adoption and Strategic DeFi Partnerships

Ethena’s $ENA has surged 37% over the past week, driven by strategic partnerships and institutional adoption, though technical indicators suggest mixed signals about the sustainability of the rally. The DeFi protocol, which issues the USDe stablecoin, has expanded its ecosystem through collaborations with major platforms like Aave, Curve Finance, and Uniswap, enabling new staking and yield farming opportunities for token holders. The protocol’s Total Value Locked (TVL) now stands at $7.726 billion across Ethereum and TON, while annualized fees have generated $433.32 million in revenue. A $360 million treasury initiative announced on July 22, 2025, aims to stabilize the protocol’s token supply and includes plans to list its shares on the Nasdaq. Additionally, Ethena has partnered with Anchorage Digital to launch USDtb, a federally regulated stablecoin under the GENIUS Act, with a target size of $1.5 billion.

The recent price surge coincided with Arthur Hayes, co-founder of BitMEX, adding 2.16 million $ENA tokens (worth approximately $1.06 million) to his wallet, increasing his total holdings to 7.76 million $ENA. This move has amplified market optimism, with analysts interpreting it as a sign of institutional confidence. However, technical analysis of the $ENA/USDT pair reveals weakening buyer momentum. After breaking through a key resistance level, the token’s advance has stalled near $0.69, with negative trading volume and elongated candle wicks indicating rejection. The Relative Strength Index (RSI) remains overbought at 70 for three consecutive sessions, while the Moving Average Convergence Divergence (MACD) lines show converging signals, suggesting potential exhaustion in the upward trend.

Ethena’s broader ecosystem growth, including a $18.76 million liquidity pool on Uniswap V3 and expanding institutional partnerships, positions the protocol for long-term stability. Yet, the immediate price action highlights the delicate balance between buyer enthusiasm and market skepticism. If bulls fail to reclaim control with a strong volume reentry, the token could retreat into its previous trading channel, testing support levels at $0.63–$0.60. The market will likely remain cautious until Ethena’s governance and fee-sharing mechanisms demonstrate further traction.

Source: [1] [title1Ethena’s $ENA Rockets 37% – Will Arthur Hayes’ $1M Bet Keep the Rally Alive?] [url1https://cryptonews.com/news/ethena-ena-rockets-37-arthur-hayes-bet/]