Overview

• ENA is trading around $0.79–$0.82 following a multi-week rally driven by renewed whale and institutional demand.
• Ethena’s Total Value Locked and USDe supply have both climbed past $10 billion, reflecting broad cross-chain adoption of its synthetic dollar.
• The protocol’s $260 million buyback fund is executing roughly $5 million in daily ENA repurchases to tighten circulating supply.
• Technical indicators—including a 50-day/200-day EMA golden cross along with confirming RSI and MACD crossovers—signal sustained bullish strength.
• Elevated on-chain exchange inflows, recent token unlocks and rehypothecation of backing assets on lending platforms raise short-term liquidity concerns.