Ethena TVL hits $8.44B on 50% monthly gain ENA price surges 134% on whale buying and exchange listings

Ethena’s Total Value Locked (TVL) has surged past $8 billion in July, marking a 50% increase from $5.46 billion at the start of the month [1]. According to DeFiLlama, the platform’s TVL reached $8.44 billion by the end of July, reflecting strong user inflows and growing market confidence. This growth is mirrored in the platform’s fee revenue, which rose from $19.96 million in June to $36.05 million in July. Meanwhile, USD inflows experienced a dramatic jump, rising from $47 million in June to $2.96 billion in July [1], highlighting a significant capital influx into Ethena’s ecosystem.

The native token, ENA, has also seen a sharp price appreciation. Over the past month, its value has surged by 134%, with a 31% gain in the last week and a 6% rise in the last 24 hours [1]. This rally has been driven by whale activity, with over 79.25 million ENA tokens accumulated in a single week, as highlighted by analyst Ali Martinez on X [1]. The increased whale accumulation coincides with a massive spike in trading volume, which jumped from $6 billion in June to $27 billion in July [1].

The upward momentum is also being fueled by key developments in July. On July 11, ENA was listed on Upbit, South Korea’s largest cryptocurrency exchange, enhancing its market reach and liquidity [1]. This was followed by a $360 million investment from StablecoinX on July 21, with $260 million designated for a token buyback program. Such demand-side interventions are expected to support further price gains [1]. On July 24, Ethena partnered with Anchorage Digital to make its synthetic dollar (USDtb) one of the first stablecoins compliant with the U.S. GENIUS Act, a regulatory milestone that could attract more institutional interest [1].

Technically, ENA is currently trading near $0.62, maintaining a strong upward trend. The token is above both its 10-day and 50-day exponential moving averages (EMAs), at $0.573 and $0.414 respectively, indicating continued bullish momentum [1]. A breakout above the $0.70–$0.75 resistance range could push the price toward $0.80 or higher. However, a drop below $0.60 might signal a potential correction, especially if the Relative Strength Index (RSI) rises above 70, currently at 68.92 [1]. The first major support level lies at the 50-day EMA, currently at $0.50.

While the current trajectory appears positive, traders and investors will be watching for signs of sustainability. A continuation of whale activity, regulatory tailwinds, and further buybacks could reinforce the upward trend. Conversely, any signs of profit-taking or a slowdown in inflows might lead to a consolidation phase. The coming weeks will be critical in determining whether the current bull run can be maintained.

Source: [1] Ethena’s TVL tops $8B after 50% monthly gain — can ENA sustain uptrend above $0.60? (https://crypto.news/ethena-tvl-tops-8b-ena-price-sustain-uptrend-2025/)