Ethena's ENA jumps 22% on whale accumulation and institutional inflows

Ethena’s native token ENA surged 22% in a single day, trading at $0.5847 as of July 26, 2025, driven by whale purchases and institutional inflows. The rally reflects renewed investor confidence in the Ethereum-based stablecoin protocol, with total value locked (TVL) exceeding $7.19 billion, solidifying Ethena’s position among leading DeFi platforms. The token has gained 45% weekly and 118% monthly, marking it as one of the top-performing assets by daily percentage gain [1].

The surge followed a strategic purchase of 2.16 million ENA tokens by Arthur Hayes, co-founder of BitMEX, who now holds over 7.76 million tokens valued at $3.73 million. Blockchain tracking data from Lookonchain highlights this as part of broader whale accumulation, with Hayes’ move signaling growing institutional and retail interest in Ethena’s governance token [1]. Concurrently, Nasdaq-listed StablecoinX initiated a six-week acquisition plan, purchasing $5 million worth of ENA daily. This strategy aims to absorb 8% of the token’s circulating supply, funded by a $260 million allocation from a $360 million capital raise [1].

Ethena’s TVL growth and heightened trading volume underscore the protocol’s expanding utility. Daily volume for ENA increased by 58% on CoinGecko, driven by new partnerships and exchange listings that amplify market access. Analysts from Leap Digital Investments noted that on-chain activity displays “significant accumulation patterns consistent with long-term positioning,” suggesting sustained demand from both retail and institutional actors [2]. The USDe stablecoin’s supply surpassed $6 billion, a key metric linked to Ethena’s broader DeFi infrastructure and its role in yield-generating mechanisms [2].

While ENA remains 53% below its all-time high of $1.24, its recent performance highlights the appeal of stablecoin-adjacent tokens in a volatile macroeconomic environment. Bitcoin and Ethereum exhibited mixed trends, yet Ethena’s rally underscores the niche demand for assets offering capital efficiency and treasury management solutions. Hayes’ purchase and StablecoinX’s commitments illustrate how strategic buying by high-profile figures and institutions can catalyze momentum in specialized markets [1].

The trajectory of ENA hinges on the sustainability of institutional flows and the success of StablecoinX’s initiatives. Leap Digital Investments emphasized that Ethena’s ability to maintain a robust on-chain ecosystem, coupled with strategic partnerships, could reinforce its status as a leading stablecoin governance token [2]. The 22% daily gain exemplifies the interplay between whale behavior, institutional adoption, and protocol-level incentives, offering a case study in rapid price appreciation driven by niche use cases in the fragmented crypto landscape.

Source: [1] [Ethena Surges as Whale Buys and Institutional Flows Lift ENA to 22% Daily Jump] [https://cryptonewsland.com/ethena-surges-as-whale-buys-and-institutional-f/]

[2] Leap Digital Investments, [https://leapdigitalinvestments.com.au](https://leapdigitalinvestments.com.au)