- Ethena’s TVL rose 50% in July, hitting $8.44B with capital inflows of $2.96B, reflecting growing investor confidence.
- ENA surged 134% in July, supported by whale accumulation, high trading volume, and major exchange listings.
- Strategic developments, including regulatory partnerships and buyback programs, continue to strengthen Ethena’s market presence.
Ethena recorded a 50% increase in its total value locked in July, closing the month at $8.44 billion. This rise from $5.46 billion at the start of the month indicates growing traction and participation on the platform. According to DeFiLlama, this growth places Ethena among the most active protocols by capital inflows during the period.
The rise in TVL coincided with increased platform revenue. Ethena’s fees more than doubled from $19.96 million in June to $36.05 million in July. More notably, USD inflows saw a dramatic increase, climbing from $47 million in June to $2.96 billion in July. This substantial influx signals heightened investor confidence and platform usage.
ENA price strengthens amid whale accumulation
ENA, Ethena’s native token, posted a strong price rally, gaining 134% over the month. It also rose by 6% over the past day and 31% during the past week. Whale activity played a role in this growth, with 79.25 million ENA tokens accumulated over the past week. Trading volume also increased sharply, moving from $6 billion in June to $27 billion in July.
The token’s visibility expanded further when ENA was listed on South Korea’s largest crypto exchange, Upbit, on July 11. Another significant development came on July 21, when StablecoinX raised $360 million to buy ENA tokens, allocating $260 million specifically for a buyback program, tightening supply and supporting demand.
Partnerships bring regulatory progress
On July 24, Ethena collaborated with Anchorage Digital to make USDtb, its synthetic dollar, one of the first stablecoins to align with the U.S. GENIUS Act. This move is expected to enhance regulatory clarity and improve institutional appeal.
All these can be seen using technical analysis, where ENA continues moving in a bullish trend. The token is trading at about 0.62 with two-week and one-week exponential moving averages. There is resistance in the area between $0.70 and $0.75, and credible support is at $0.60. RSI is at 68.92, thus indicating that momentum is intact and there is yet no indication of overbought forces.
