Behind ENA's surge of 53%: Wall Street giant Pantera/Goldman Sachs direct Galaxy Digital joins hands to lock in ENA | Arthur Hayes joins 6 trillion SHIB to enter ENA retail investors for the last chance to get on the car

Behind the 53% surge in ENA: Nasdaq-listed giants are selling $5 million in stock every day, aiming at $1.5? Behind ENA's 53% surge: Wall Street giant Pantera/Goldman Sachs' direct descendant Galaxy Digital teamed up to lock in ENA Arthur Hayes and brought 6 trillion SHIB to ENA. Retail investors finally got on the bus. The last chance of getting on the bus. The institutional buying of US$5 million per day lasted for six weeks. A rare capital machine in the crypto market has been launched. The traditional financial channel has opened up to make ENA the core bargaining chip in the battle for a new paradigm of stablecoins. On July 21, an announcement caused a huge wave in the crypto market: StablecoinX, a stablecoin issuer, announced that it had completed a US$360 million in financing, of which US$260 million will be used to continue to buy Ethena ecological token ENA in the open market, and plans to log on to Nasdaq under the stock code "USDE" through SPAC merger. The market responded with a surge - ENA price soared 53.24% in a single week, with a market value exceeding US$3.2 billion, setting a new high in the past six months. This crypto asset revolution driven by traditional capital is reshaping the logic of value with a purchase of $5 million a day. --- 01 Capital giants enter the market, the Nasdaq path of ENA's strategic reserves When traditional capital decides to enter the crypto field on a large scale, its path often subverts market perception. StablecoinX's operating model is exactly like this: it raises US$360 million through PIPE (publication private equity investment), of which the Ethena Foundation contributes US$60 million in ENA tokens, and the remaining funds come from top institutions such as Dragonfly, Pantera Capital, and Galaxy Digital. The strategy of using this fund is extremely accurate: $260 million in cash will continue to buy ENA at a daily intensity of about $5 million in the next six weeks. Calculated at the current price, this is equivalent to absorbing 8% of the ENA circulation and forming a strong market support. What is more worthy of attention is the capital closed-loop design: - Ethena Foundation has the veto power of StablecoinX's sale of ENA, ensuring long-term lock-in of tokens - After listing, traditional investors can obtain stablecoin income exposure through the stock "USDE" without directly holding crypto assets - The foundation will hold most of the voting shares of the merged company and maintain ecological control. This design is essentially copying Bitcoin Treasury strategies (such as MicroStrategy) to the stablecoin ecosystem, building a seamless channel for traditional capital to enter the crypto economy. 02 The fundamentals of the agreement, behind the catalyst capital operation of flywheel restart and fee switches, the fundamentals of the Ethena agreement are ushering in a critical turning point. The supply of its core stablecoin USDe soared to a historical high of $6.1 billion, with net inflows reaching $750 million in a week. The driving logic behind this is a typical "forward flywheel cycle": - The rise in mainstream currencies such as ETH drives the warming of long sentiment - Perpetual contract funding rates climb to 16% annualized - sUSDe (interest-generating USDe) yield jumps from 5.59% to 9.74% - High returns attract new funds to pour into minting USDe At the same time, the conditions for activating the "fee switch" are ripe. According to the five standards formulated by the community: - ✅ USDe circulation > 6 billion (6.1 billion meets the standard) - ✅ Cumulative agreement revenue > 250 million (431 million meets the standard) - ❌ 4 companies listed on the Top 5 exchanges (currently 3 companies) - ✅ Reserve Fund > 1% USDe supply (meets) - ❌ sUSDe interest spread > 5-7.5% (currently 2.48-3.03%) With the increase in yields and the acceleration of exchange expansion, the possibility of the last two standards has increased greatly. Once activated, the protocol revenue will be distributed directly to ENA holders, completely changing the token’s value capture capability. 03 Regulatory game, compliance breakthrough under the dual-track strategy On July 19, US President Trump signed the GENIUS Act, establishing the first federal stablecoin regulatory framework in the United States. The bill requires stablecoins to be backed 1:1 by cash or high-liquid assets, and explicitly prohibits the issuance of dividend-earnings stablecoins. This challenges Ethena's original model—USDe, as a "crypto-solidated synthetic dollar", relies on Delta's neutral hedging strategy rather than traditional asset reserves. But the project party has long made arrangements: - Dual-track stablecoin strategy: retain USDe service to encrypt native users, and at the same time launch a compliant product USDtb (supported by BlackRock BUIDL Fund 1:1) - USDtb issuance has reached US$1.46 billion, focusing on the institutional market - Legal qualitative proposition: Emphasizing that USDe is a synthetic asset tool rather than a payment stablecoin, evading direct supervision This strategy not only retains the innovative features of DeFi, but also embraces supervision through USDtb. It is worth noting that Circle (USDC issuer)'s stock price soared by more than 600% after its listing in June, indicating that the traditional market is sought after by compliant stablecoin targets, which provides a valuation anchor for the upcoming StablecoinX. 04 Market and technology, the upward momentum of breaking through key resistance levels. Judging from market data, the rise of ENA has solid technical support: - The price has strongly broken through the key resistance level of US$0.478 and the 200-day moving average - 24-hour trading volume surged by 65.22%, reaching US$1.91 billion - RSI and stochastic indicators show overbought, but the market structure remains healthy. The activity on the chain also reveals the trend of smart money: - BitMEX founder Arthur Hayes was questioned about "smashing while milking", but recently bought US$1.505 million ENA in a single day - Giant Whale Address transferred 6 trillion SHIBs in a single day, indicating that large funds are reconfiguring counterfeit assets analysts have differences on the prospects: - Short-term forecast: Coincodex believes that it may pull back to the range of US$0.362-0.515- Long-term outlook: DigitalCoinPrice gives an end-of-year target of $1.13-1.52 - Technical judgment: If the support of $0.478 is maintained, it is expected to test the resistance of $0.698. 05 Risk and opportunity, investors' decision-making crossroads For rational investors, there are multiple dimensions of ENA at present: Opportunity Quadrant: - The average daily institutional buying of $5 million continues until early September (about 8% of the circulation is locked) - The agreement will be opened after the fee switch is activated - The listing of Nasdaq brings incremental traditional capital risk warning: - About 40.63 million ENAs will be unlocked in the next few weeks, which may cause fluctuations - There is policy uncertainty in the qualitative nature of USDe - sUSDe's yield depends on the capital fee rate, and the market bull market needs to support the position allocation strategy: - Short-term traders pay attention to the $0.478 support level and daily trading volume changes - medium- and long-term investors can track three indicators: USDe supply growth, exchange adoption progress, and fee switch conditions are met - Risk hedging suggestions: Keep a balance between USDtb compliant products and USDe native protocols - The crypto market has witnessed such a scale of capital synergy, or the billions of allocations of Bitcoin by MicroStrategy. Today, StablecoinX's mechanism is more exquisite - through the equity channel of listed companies, traditional capital is injected into encryption protocols, while using veto power to lock in liquidity and control token selling pressure. With the implementation of the US stablecoin bill, the wealth effect of Circle's stock price soaring 600% after it went public in June. When the Nasdaq bell rings for USDE, ENA, as the value anchor of the underlying assets, may usher in a new round of revaluation. This two-way trip between traditional finance and encryption protocols has just begun.