ENA posted another sharp move higher on Aug. 22, rising more than 19% over the past 24 hours, according to HTX market data. The token was quoted at $0.1409, with its market capitalization reaching $1.387 billion. The price move came after two developments highlighted in recent weeks. On Aug. 11, Arthur Hayes said publicly that he was bullish on ENA. He wrote that if stronger U.S. dollar liquidity helps push BTC higher, a recovery in bitcoin basis yields could draw capital back into USDe. Hayes also said ENA could have the potential to rise fivefold in the coming months. Two days later, on Aug. 13, USDe issuer Ethena said it had entered a partnership with digital asset prime broker FalconX, which will serve as its institutional lending partner. Ethena said it would invest, on an overcollateralized basis, in FalconX Global’s stablecoin lending arrangement as part of its institutional lending allocation.
ENA rose more than 19% over the past 24 hours as of Aug. 22, according to HTX market data. The token was quoted at $0.1409, and its market capitalization climbed to $1.387 billion.
Recent developments around ENA and Ethena
On Aug. 11, Arthur Hayes published a bullish view on ENA. He said that if increased U.S. dollar liquidity pushes BTC higher, a rebound in bitcoin basis yields could attract capital back into USDe. He also said ENA could have the potential to deliver a fivefold gain in the coming months.
On Aug. 13, USDe issuer Ethena announced a partnership with digital asset prime broker FalconX, which became its institutional lending partner.
Ethena said it would invest, on an overcollateralized basis, in FalconX Global’s stablecoin lending arrangement as part of its institutional lending allocation.
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