Why Ethena’s Surging 17% Might Just Make You Say ‘Whoa’

by

Key Takeaways

Imagine a crypto asset that decided to channel its inner rollercoaster, breaking free from resistance zones like a rebellious teenager right after Valentine’s Day. Ethena, the digital darling, has been soaking up USDe like a millionaire on a yacht, all chasing the sweet, intoxicating smell of yield. And just to make things more thrilling, they announced a stash of stablecoins — because what’s crypto without a bit of stable, if not slightly boring, stability? 🚀

Ethena, or ENA, if you prefer your acronyms with a side of confusion, shot up by 17.6% in the past week. That’s quite a feat, especially considering it took a nosedive of 10.45% in the last 24 hours. Clearly, it’s got the attitude of a teenager—up one day, sulking the next.

This dive came after ENA hit the $0.67 resistance, a nostalgic nod to its early February memories. Apparently, this was a level it liked so much it kept returning to it like a boomerang—only this time, it bounced back.

The one-day chart looks like ENA had one too many energy drinks — bullish beyond belief. After spending ages below $0.485—think of it like a moody teenager hiding in its room—ENA finally busted out and flip-flopped from resistance to support by the end of July. That’s some serious momentum, like a sports car hitting top gear after being stuck in traffic.

The OBV (On-Balance Volume, if you’re into that stuff) has been climbing higher than a cat up a tree, all thanks to steady buying pressure in July. Meanwhile, the MFI (Money Flow Index) threw a bit of a tantrum, showing signs of divergence—meaning, the love might not last forever, and the price could take another tumble. Good times!

And just to keep the excitement going, Bitcoin decided to dip below the $115k mark. When Bitcoin sneezes, the entire market catches a cold—or so the saying goes. Could Ethena be heading for a dip that’s as deep as a philosopher’s thoughts? Only the on-chain metrics seem to hold the answer.

ENA Treasury, Buybacks, and Hayes’s Faith (or Something Like That)

On the 25th of July, Lookonchain unearthed that Arthur Hayes—the co-founder of BitMEX, if you’re into that sort of thing—snapped up 2.16 million ENA for a little over a million dollars. Because why not, right? Arkham figures show he’s sitting on a hefty 7.76 million ENA worth nearly $4.6 million. Yep, big players are eyeing ENA like it’s the next big sushi roll.

Meanwhile, Ethena’s new treasury vehicle, or as I like to call it, the “crypto treasure chest,” announced plans to build a reserve of ENA over multiple years. Think of it as a piggy bank, but way fancier—and with more zeros.

This long-term game plan is expected to make Ethena look even more bullish than a bull at a rodeo. If you’re dreaming of $1 a pop, it might not just be wishful thinking anymore.

July saw a flurry of daily active addresses, behaving like a crowd eager to buy, sell, or just check out what everyone else is doing. Perhaps some traders realized it was a good time to cash out and take profits as ENA hit some local highs.

Yet, the distribution of supply told a different story—no one cohort was selling in droves. No mass exodus here, which is usually a good sign. Even the whales (the big fish) kept stocking up, with the number of addresses holding between 100K and 1M ENA climbing from 514 to 574. Small fry are also getting in on the action, which means retail hope remains alive.

So, as much as short-term turbulence and the possibility of a price dip loom, the overall vibe is still bullish… for now. But don’t say I didn’t warn you—waves of volatility might just be around the corner.

Read More

2025-08-01 20:14