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6d ago

Ethena Surpasses $500 Million Revenue as USDe and TVL Hit Records, ENA Retests $0.65

Large exchange outflows alongside softer derivatives activity point to accumulation with tempered near‑term risk.

Can 140M Ethena whale move drive ENA's price toward $0.86?
How Ethena became the most levered bet after Fed rate cuts
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Overview

  • Ethena reported $500 million in cumulative gross interest revenue, with $13.4 million earned in the past week as USDe supply reached a record $11.7 billion and sUSDe APY hovered near 9%.
  • DeFiLlama data shows total value locked has climbed to roughly $11.9 billion after strong inflows since July.
  • More than 140 million ENA left exchanges over the last four days, a move on-chain analysts interpret as accumulation that can reduce near-term selling pressure.
  • ENA trades around $0.66 near key $0.65 support as CoinGlass shows open interest down to about $1.26 billion and derivatives volume off nearly 27% in a day.
  • Technical views highlight resistance around $0.79–$0.86 with downside levels near $0.62–$0.58 if support breaks, while a reported $260 million buyback and liquidity concerns tied to recent unlocks and lending-platform exposure remain in focus.