The crypto market is currently witnessing the development of investment strategies. Institutional investors are now accumulating positions in emerging coins like Ethena (ENA).

On November 29, the on-chain analysis platform Nansen detected that Pantera Capital was purchasing a large amount of ENA tokens. According to Nansen, Pantera Capital bought ENA tokens worth $8 million. This institutional investor has been accumulating this coin over the past three weeks, according to Nansen's findings.

Source: Nansen

Maximizing Ethena accumulation

Ethena has outperformed major digital assets in recent months, reinforcing its position among investors. The price of ENA is currently up 135% over the past 30 days. Investors committed to Ethena's long-term vision are buying more tokens and maximizing their holdings.

On November 28, Arthur Hayes, co-founder of BitMEX, purchased 11.21 million ENA after selling all of his Aethir (ATH). Hayes withdrew a large amount of ENA from the Binance exchange, showing his increasing enthusiasm for this synthetic dollar protocol.

In the past week, Ethena has witnessed a significant increase in activity from large investors, impacting its market. The number of large transactions over $100,000 has surged from 23 to 128, reflecting growing interest from 'whales'. This accumulation indicates that 'whales' are becoming increasingly optimistic about the Ethena ecosystem.

Reasons Ethena attracts interest

Ethena is a decentralized protocol running on the Ethereum blockchain to create synthetic dollars that do not rely on traditional banking systems. The ever-evolving DeFi landscape constantly seeks innovative and reliable stablecoins. Ethena has positioned itself as a pioneer in the stablecoin era with its innovative synthetic stablecoin, USDe.

With a unique approach to profitability, security, and stability, USDe is designed to address the limitations of traditional stablecoins. This stablecoin is leading a new direction in the DeFi space as an optimal choice for both institutional investors and individual users.

Recently, the cryptocurrency derivatives exchange Deribit announced plans to use Ethena's USDe as collateral starting in January 2025. This move by Deribit aims to improve trading options by integrating USDe into its cross-collateral asset pool, providing customers with more flexible trading strategies. This integration reflects the growing confidence in USDe as a stable and reliable cryptocurrency tool designed to maintain its value against the US dollar.

Despite facing issues such as negative funding rates, the supply of USDe remains solid at $2.84 billion, indicating strong demand. On November 19, USDe saw a massive capital influx of $119 million in one day, bringing the total capital flow for the previous month to $1 billion, resulting in its current market capitalization of $2.02 billion. This indicates a trend of recovery and growth for the blockchain.

In September, Ethena Labs announced its new stablecoin project, UStb (USTB), developed in collaboration with Bitcoin investor - BlackRock and the digital securities platform - Securitize.

Source: https://tapchibitcoin.io/pantera-capital-mua-8-trieu-do-token-ena-tin-hieu-nha-dau-tu-to-chuc-tich-luy-ethena.html