ENA open interest doubles to $237M as price rises 69%

Ethena’s ENA token just posted the kind of week that makes derivatives traders sit up straight. Open interest in ENA futures roughly doubled to $237M in dollar terms, while the token’s price surged approximately 69%, climbing from the $0.08 range to around $0.13-$0.14. The move wasn’t just price inflation making existing positions look bigger on paper. Coin-denominated open interest also rose, though more modestly, suggesting genuine new capital entering the market rather than the same positions being revalued upward. What’s driving the surge Two forces converged to create ENA’s breakout moment. The first was protocol-specific: Ethena announced a $1 billion secured warehouse lending facility in partnership with FalconX on August 19. The facility is designed to expand USDe-backed institutional loan opportunities, essentially giving big players a new reason to care about Ethena’s ecosystem. The second force was macro. A broader cryptocurrency rally, reportedly following a US Treasury announcement, lifted the entire market. USDe supply reportedly reached around $4.5B during this period. Active addresses and trading volume for ENA surged over eight times during the price advance, accor...