Ethena (ENA) just bounced hard off local lows at $0.44 – and it didn’t stop there.
In the last 24 hours, ENA has pumped over 22%, now trading above $0.55 at the time of writing. That’s not just a random bounce – there’s real momentum behind it, fueled by massive inflows, rising yields, and an aggressive buyback narrative.
Let’s break down what’s actually driving the price.
What you'll learn 👉
$2 Billion in Stablecoin Inflows in One Week
The main engine behind this rally? USDe, Ethena’s native synthetic dollar, just saw nearly $2 billion in inflows in a single week. That’s a massive number, especially in a market where capital has been rotating cautiously.
Why the surge? Yield farming.
sUSDe is currently offering 10% APY, and DeFi users are piling in. People are looping strategies, leveraging positions, and farming that juicy return – and all of that demand is fueling the underlying ENA ecosystem.
$ENA is pumping like crazy right now, what’s actually going on ? 👇
— Axel Bitblaze 🪓 (@Axel_bitblaze69) July 25, 2025
– First, $USDe just pulled in nearly $2B in a week.
That’s insane. You don’t see that kind of inflow in this market unless something serious is cooking.
The main reason is sUSDe is paying 10% APY.
People are… pic.twitter.com/u31aAzFJzs
Ethena’s Model Isn’t Like USDT or USDC
Unlike other stablecoins that sit on U.S. treasury bills, Ethena earns its yield from perpetual futures funding rates. And with funding spiking across the board, Ethena’s model is generating more real revenue – not just passively holding fiat reserves.
That’s a key difference. When perp funding pumps, ENA token holders benefit, and that’s part of what’s creating this feedback loop of price strength and protocol usage.
Read also: Is Ethena (ENA) Price About to Explode? This Key Metric’s Surge Signals a Potential Breakout
The NASDAQ Connection and Massive Buybacks
Here’s the kicker: Ethena’s partner is preparing for a public listing, and they’ve already raised $360 million. According to reports, $260 million of that is earmarked for open-market ENA buybacks.
That’s not a typo. If executed, that would remove over 8% of the total ENA supply from the market – in just six weeks.
Buybacks at that scale aren’t just bullish – they shift the supply-demand curve completely, especially for a token already showing strong ecosystem traction.
Wrapping Up
Put it all together: record-breaking stablecoin growth, 10% yield farming incentives, surging protocol revenue, and a mega buyback funded by a pre-IPO partner.
That’s why ENA is pumping today – and why this move looks a lot more like the start of something than just a random spike.
CT (Crypto Twitter) is watching, and so are we.
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