$ENA This wave, I don’t just want to be bearish by almost 10%. Ethena’s latest update is essentially pushing USDe into traditional finance entry points.
On June 29, the official announcement said that USDe would integrate with BlackRock Aladdin. BUIDL would become the main underlying asset for a white-label product, and liquidity arrangements would be made around BlackRock’s tokenization offerings. On June 26, StablecoinX was already trading as USDE on the Nasdaq Global Market; and the Ethena ecosystem account also posted the news that the USDe vault on Coinbase has broken through 150 million.
Taken together, I’d rather view this as a signal that “stablecoin yield products are moving toward institutional distribution,” not just a normal partnership poster. But the market isn’t giving face right now: Binance ENAUSDT perpetuals are around 0.071, about -9.6% over 24h, with turnover around 141 million USDT. Price is also still below the 1H MA20 at 0.0747, and the funding rate is leaning negative.
My take: Ethena’s mid-term narrative is getting tougher—especially the line around USDe, BUIDL, and Nasdaq. But in the short term, it’s still sell pressure after the news is priced in. If it can’t reclaim 0.074–0.075, don’t rush to treat the institutional narrative as a buy point. If it breaks below the nearby low around 0.070, then this observation is invalid for now.
#ENA #Ethena #稳定币 #RWA #币安广场