Overview

• Whale investors have boosted their ENA holdings by roughly 30% over the past three months, including a further 0.2% increase last week.
• StablecoinX’s $260 million buyback program has absorbed about 8% of ENA’s circulating supply since late July, creating a notable supply squeeze.
• Technical indicators such as a golden cross, positive MACD readings and an RSI below overbought levels signal sustained bullish momentum for ENA.
• USDe’s supply has surged 30% since mid-July to $9.66 billion and is integrated across Curve Finance, Uniswap and Bybit with Bybit handling over 30% of its trading volume.
• Ethena ranks sixth in total value locked with more than $9.4 billion secured, while partnerships with BlackRock’s BUIDL fund and Anchorage Digital have strengthened its institutional compliance framework.