Ethena (ENA) Surges 22% Amid $2B USDe Inflows, Anchorage Partnership, and Hayes' $1.06M Buy

Ethena (ENA) has surged nearly 22% in a 24-hour period, with the token trading above $0.55 as of the latest reports. This rally follows a sharp rebound from a recent low of $0.44 and outperforms broader cryptocurrency market trends, where many altcoins have declined by 5%-10% amid general selling pressure [1]. The price action is driven by a confluence of factors, including massive inflows into Ethena’s stablecoin, strategic partnerships, and high-profile investor activity.

A key catalyst is the $2 billion influx into USDe, Ethena’s synthetic dollar, over the past week. This surge in demand is attributed to sUSDe’s 10% annual percentage yield (APY), which has attracted DeFi users to leverage positions and farm returns. The protocol’s unique model, which earns yield from perpetual futures funding rates rather than holding U.S. treasury bills, has amplified revenue generation, creating a feedback loop of protocol usage and token value appreciation [1].

Strategic partnerships have further fueled momentum. Ethena’s collaboration with Anchorage Digital led to the launch of USDtb, a U.S.-compliant stablecoin under the Genius Act framework. The initiative, which is backed by Ethena’s reserve assets and governed by ENA token holders, has already triggered a 5% price increase for the token, reflecting investor optimism about regulatory alignment and market expansion [4]. Analysts note that USDtb’s first-mover advantage in the U.S.-compliant stablecoin space could attract institutional adoption, enhancing Ethena’s credibility and liquidity [5].

High-profile investor activity has compounded the bullish sentiment. Arthur Hayes, founder of BitMEX, purchased 2 million ENA tokens worth $1.06 million in a single transaction. This move, which coincided with a 20% price surge in a 24-hour period, underscores confidence in Ethena’s ecosystem. Hayes’ history of market timing and advocacy for synthetic dollar projects has amplified retail and institutional interest, with trading volume exceeding $1 billion during the rally [2]. Analysts highlight that individual investor behavior in smaller-cap tokens can significantly influence market dynamics, though they caution that rapid price movements may invite volatility [7].

A further driver is Ethena’s partnership with a pre-IPO entity, which has allocated $260 million for open-market buybacks. If executed, these buybacks would remove over 8% of the total ENA supply within six weeks, directly shifting the supply-demand balance. This aggressive buyback strategy, combined with rising protocol usage and regulatory alignment, has positioned Ethena as a focal point for near-term activity [1].

The cumulative impact of these developments has reversed ENA’s trajectory. After hitting a recent low of $0.4268, the token rebounded to $0.5088 within days, supported by both institutional and retail demand. While short-term volatility remains inherent in crypto markets, the confluence of regulatory progress, liquidity expansion, and high-profile investments suggests growing differentiation for Ethena. Investors are now monitoring whether the token can consolidate gains above key levels, with further outcomes likely to hinge on the success of USDtb’s rollout and broader market conditions [3].

Sources:

[1] [Here's Why Ethena (ENA) Price Is Up Today](https://coinmarketcap.com/community/articles/688364d58708453433dceeef/)

[2] [Arthur Hayes Buys the Dip, Adds 2 Million Ethena Tokens](https://coingape.com/arthur-hayes-buys-the-dip-adds-2-million-ethena-tokens-as-ena-price-shoots-8/)

[3] [Ethena surges 20% after Arthur Hayes scoops up 2M ENA tokens](https://coinjournal.net/news/ethena-surges-20-after-arthur-hayes-scoops-up-2m-ena-tokens)

[4] [Anchorage Ethena Launch First U.S. Compliant Stablecoin](https://www.ainvest.com/news/anchorage-ethena-launch-compliant-stablecoin-genius-act-2507/)

[5] [Ethena Taps Anchorage to Issue $1.5B USDtb Stablecoin](https://www.coindesk.com/business/2025/07/24/ethena-taps-anchorage-to-issue-usd1-5b-usdtb-stablecoin-in-u-s-under-genius-act)

[7] [Arthur Hayes Buys $1.06M in ENA After Anchorage Deal](https://www.fxleaders.com/news/2025/07/25/arthur-hayes-buys-1-06m-in-ena-after-anchorage-deal-boosts-token-8/)