Why is Ethena up 20% today?

Ethena has torn higher all day and continued his weeks of climbing while fresh capital flows in whales and institutions.

The trade in around $ 0.5847 at the time of the press, ENA (ENA) has risen around 22% in the last 24 hours. The double digit thrust brings its weekly profit to around 45%, and it has now risen 118% in the past month.

Daily Trade Volume has increased 58%, according to To Coingecko, the positioning of token as the top performance of the day with a wide margin.

The rise in the price comes as the whale accumulation increases. Per lookonchain factsFormer Bitmex CEO Arthur Hayes bought about 2.16 million ENA, worth around $ 1.03 million, on different platforms earlier today.

The current ENA position of Hayes is 7.76 million tokens, with a value of approximately $ 3.73 million, which contributes to the broader large accumulation trend with large holders.

But after the large -scale investments, another important engine of Ethena’s profit is a new institutional momentum.

Daily $ 5 million treasury bid increases Ena

Stablecoinx, a newly listed Nasdaq company, recently started performing its Ena-Tied Treasury strategy, where buying $ 5 million to the tokens per day for the next six weeks is purchased.

The plan is part of a allocation of $ 260 million, obtained from a broader capital increase of $ 360 million earlier this month, and is expected to purchase almost 8% of the circulating range of ENA at the end of the program, per figures from Ethena Labs.

The steady daily purchases keep a strong upward pressure on the ENA price. In the meantime, a broader sentiment bullisher becomes the way the ecosystem grows through new partnerships and offers. According to Defi Lama, the total value has locked (TVL) on Ethena climbed Above $ 7.19 billion, strengthening its position at the bottom of Top Ethereum-based Stablecoin protocols.

While token is still about 53% below the highest point of $ 1.24, Bullish Sentiment is building and feeding optimism for a persistent outbreak.