Could Mellow Finance's $4.48 million investment in ENA potentially catalyze a recovery for the latter's market position?
Lively Lowdown
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By taking a risky stance, Mellow Finance bet big on Ethena [ENA] during a market correction.
The crypto fund transferred a hefty sum of 15.147 million ENA, worth approx. $4.48 million, from Bybit to its personal wallet, indicating a high level of confidence in Ethena Labs' future.
Taking a Dip or Betting on the Future?
This move showcases Mellow Finance's bullish sentiment towards ENA, as it perceived the altcoin's fundamentals to be undervalued during a market-wide altcoin correction.
It's also an indicator of institutional confidence in Ethena playing a significant role within the evolving crypto landscape, potentially offering a ray of hope amidst a generally challenging altcoin market.
Source: Disaster/X
ENA's Derivative Market Rumblings
A closer look at derivative markets revealed that ENA's Funding Rate History rebounded positively on major exchanges.
Funding Rates went green on Bitmex, Hyperliquid, and Bybit, implying traders are now willing to pay for long positions again — a notable shift following the protracted negative Funding Rates trend in April.
Source: CoinGlass
Additionally, the Aggregated Orderbook Liquidity Delta bounced back into positive figures, around $551.46K, several days after a considerable drop on June 10.
This suggests cautious renewed buy interest, although the $0.29-$0.30 inflow may seem modest.
Source: CoinGlass
The rising green delta bars indicate a resurgence of interest, though guarded. This inflow may have arrested the price around $0.30 and foreshadowed a potential short-term base.
Crucial Liquidation Levels to monitor
The Binance ENA/USDT Liquidation Heatmap sheds light on possible risk zones.
Approximately $262K in liquidation leverage can be found below $0.28, which could act as short-term support if bulls manage to hold this area.
On the other hand, a concentration of short liquidations above $0.30 presents an opportunity for a squeeze should the price breakthrough.
Source: CoinGlass
As ENA gravitates closer to these levels, anticipate a more explosive move—whether it's a breakout or a trap hinges on traders' conviction.
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Insight:- As of mid-June 2025, Ethena's price fluctuates around $0.31–$0.32, with a market cap of approximately $1.8 billion[1][2]. The 24-hour trading volume is around $99.69 million[2].- Ethena has undergone a recent increase in price by approximately 3% in the last 24 hours[2]. However, it remains well below its all-time high[2].- Ethena was recently added to Binance.US[4], potentially increasing its exposure and investor trust.- There are predictions of modest increases in the long term, with some forecasts suggesting Ethena could reach around $0.394 by 2030[3].- The inclusion of Ethena on Coinbase's asset roadmap may attract additional investors, although the current market dip has sparked questions about its near-term buying potential[5].
Overall, Ethena's future growth depends on myriad factors, including market conditions and investor sentiment.
- Mellow Finance, a crypto fund, has decided to invest greatly in Ethena [ENA], even during a market correction, showing faith in Ethena Labs' future.
- The transfer of 15.147 million ENA, worth $4.48 million, from Bybit to Mellow Finance's wallet indicates a positive outlook on ENA's role in the developing crypto landscape.
- As Mellow Finance perceives ENA's fundamentals to be undervalued, this move signifies a bullish sentiment towards ENA, an altcoin.
- The Funding Rate History of ENA on Bitmex, Hyperliquid, and Bybit has rebounded positively, indicating traders are Ready to pay for long positions again.
- As ENA approaches crucial liquidation levels on Binance, anticipate a more significant price movement, whether it's a breakout or a trap, depending on traders' conviction in the technology and financial potential of Ethena.
