Ethena (ENA) Analysis: Whales Buy Big as Futures Surge 194%—Is $1.20 Next?

Ethena (ENA) has been gaining traction during the current crypto bull run, supported by strong price movements and increased market activity. 

Ethena was trading at $1.15, marking a 7.50% rise in the last 24 hours and a 4.75% gain over the past week. With a circulating supply of 2.9 billion ENA, its market capitalization stands at $3.37 billion, backed by a 24-hour trading volume of $1.2 billion.

Whale Activity and Institutional Investments Drive ENA Growth

Whales and institutional investors have shown growing interest in Ethena. According to 

Spot On Chain, World Liberty Financial, associated with Donald Trump, recently purchased 231,726 ENA worth $250,000. The organization has spent $45 million on six crypto assets since November 30, including ENA, ETH, and LINK.

After announcing a partnership with @ethena_labs, Donald Trump’s World Liberty Financial (@worldlibertyfi) spent 250K $USDC to buy another 231,726 $ENA 20 minutes ago!

Since November 30, World Liberty Financial has spent $45M to buy 6 crypto assets, including:

• 8,105 $ETH… https://t.co/qD12WmjT7X pic.twitter.com/PrFmUH4KLH

— Spot On Chain (@spotonchain) December 18, 2024

Whales have also actively accumulated ENA during recent price dips. Crypto analyst Ali stated, 

“During the recent price dip, whales bought over 36.55 million #Ethena $ENA!” 

Such large transactions have become more frequent, with 394 large ENA trades above $100K recorded in the past 24 hours. This activity is slightly below the 7-day high of 436 transactions on December 15, demonstrating consistent whale and institutional participation.

Source: IntoTheBlock

Technical Analysis Points to Sustained Uptrend

ENA’s price is in a strong uptrend, trading above the 20, 50, 100, and 200-day exponential moving averages (EMAs). The 20-day EMA near $1.0032 has provided dynamic support, while a bullish crossover of shorter-term EMAs over longer-term ones signals continued upward momentum.

Source: TradingView

This technical structure suggests traders remain optimistic about the asset’s short-term performance.

Rising Futures Open Interest Reflects Market Confidence

Data from Coinglass shows ENA futures open interest surged to $710.29 million, an increase of 22.73%. This trend began in mid-September, with significant growth in November and December. 

The increase aligns with ENA’s rising price, indicating heightened trader engagement and bullish sentiment in the futures market.

Source: Coinglass

Trading volume for ENA futures jumped by 194.85%, reaching $2.22 billion in the past 24 hours. This surge in activity signals strong market interest and speculative participation as traders capitalize on the ongoing rally.

As the year progresses, the sustained growth in ENA’s trading volume, whale accumulation, and open interest suggests that the cryptocurrency is firmly in the spotlight. Institutional activity and technical indicators continue to reinforce its position in the bull market.

FAQs:

What is Ethena’s (ENA) current price and market cap?

Ethena (ENA) is priced at $1.15, with a market cap of $3.37 billion.

Who has recently invested in ENA?

World Liberty Financial bought 231,726 ENA worth $250K and has spent $45M on crypto assets.

What are Ethena’s technical indicators suggesting?

ENA is in a strong uptrend, trading above key EMAs, with resistance expected near $1.20.