\$ENA

Update 🚀

Ethena (ENA) surged 12.21% in the last 24 hours, outperforming the broader crypto market, which fell -1.29%. Key catalysts include ongoing buybacks, regulatory support, and technical breakout signals.

**\$260M Buyback Program** – Ethena’s foundation is conducting open-market buybacks, absorbing roughly 3.5% of circulating supply to reduce selling pressure and support price.

**GENIUS Act Compliance** – The USDtb stablecoin is gaining popularity as a yield-bearing option that meets regulatory standards.

**Technical Breakout** – ENA cleared \$0.70 resistance, with bullish MACD and RSI trends supporting upward momentum.

**In-Depth Analysis:**

1. **Buyback-Driven Supply Reduction (Bullish)**

Ethena started a \$260M buyback in July 2025 (\~\$5M/day), aiming to reduce \~8% of total supply by mid-September. This limits selling pressure and signals confidence from the foundation. So far, \~150M ENA (\~2.2% of supply) has been bought back. Watch for accelerated buybacks near resistance levels and the expected completion in late September.

2. **Regulatory Support Boosts Stablecoin Demand (Mixed)**

USDtb, compliant with the GENIUS Act, has doubled its supply to \$11.6B since July 2025. With other regulated stablecoins limited by interest restrictions, USDtb’s 11% APY via delta-neutral strategies attracts attention. However, regulatory oversight of synthetic assets remains a factor to monitor.

3. **Technical Momentum (Short-Term Bullish)**

ENA broke above the \$0.70 Fibonacci resistance (38.2% retracement of \$0.587–\$0.852), with RSI at 60.02 and bullish MACD. Traders are eyeing \$0.75–\$0.85, though \$0.75 coincides with the 50% Fibonacci level (\$0.7196), which could prompt profit-taking.

\#ENA