21Shares Launches Ethena and Morpho ETPs in Europe, Boosting Institutional Access

21Shares, a prominent crypto asset manager, has expanded its European exchange-traded product (ETP) offerings with the launch of two new products: the 21shares Ethena ETP (EENA) and the 21shares Morpho ETP. These products are now listed on major European exchanges, including the SIX Swiss Exchange and Euronext, providing a regulated channel for institutional and traditional investors to gain exposure to the ENA token and the Morpho decentralized credit protocol.

The EENA ETP is designed to mirror the performance of the Ethena (ENA) token directly. This structure allows investors to assess core protocol parameters, such as collateral management and the token's role in future revenue-sharing mechanisms linked to Ethena's USDe and sUSDe stablecoins. The launch is seen as a significant step in bringing ENA back into institutional capital flows following a period of market stress.

This development coincides with a notable price recovery for ENA. At the time of the announcement, ENA was trading at approximately $0.29, marking an 11% increase over the previous 24 hours. The token's technical structure shows signs of a directional shift, having moved above its 7-day moving average and confirming a bullish MACD crossover. Analysts note that a clean break above the $0.30 resistance level could open a path toward $0.51, though the 200-day EMA near $0.47 remains a significant structural cap.

The news follows a challenging period for the Ethena protocol. In October, a Binance oracle error caused a brief depeg of its USDe stablecoin, triggering over $2 billion in redemptions. This led to a 24% contraction in USDe's supply in November, with its market capitalization falling from $9.3 billion to $7.1 billion. The contraction impacts the volume processed by the protocol and shapes the outlook for future fee accumulation, a key variable for ENA holders.

On-chain and market data further support a bullish short-term narrative. Whale accumulation has been significant, with over 46 million ENA flowing into a major address, bringing its total holdings to over 451 million ENA. This signals strong long-term interest. Furthermore, ENA has broken out of a multi-week descending channel, a key technical development. Derivatives data shows Open Interest rising 16.82% to $381 million, indicating expanding trader participation and conviction. On Binance, top traders are leaning heavily long, with a Long/Short Ratio of 2.30 (69.72% long vs. 30.28% short).