Ethena (ENA) defied broader market stagnation with a 20-22% price surge in 24 hours, trading near $0.5847 amid significant whale accumulation and institutional demand. Whale holdings increased 8.15% ($1.87M) in seven days, while 1.07 billion ENA tokens flowed off exchanges – signaling reduced selling pressure. Former BitMEX CEO Arthur Hayes purchased 2.16M ENA ($1.03M), adding to his $3.73M position.
Institutional momentum intensified as Nasdaq-listed StablecoinX initiated a $5M daily ENA buy program for six weeks, totaling $260M – potentially absorbing 8% of circulating supply. Technical indicators revealed a bullish divergence: On-Balance Volume (OBV) hit higher highs despite price consolidation in a wedge pattern. A breakout above $0.58 could target $0.65-$0.71, though failure to hold $0.51 may invalidate the uptrend.
Supporting fundamentals include Ethena's TVL climbing above $7.19B and monthly gains of 118%. The token remains 53% below its $1.24 all-time high.