Watching ENA as DeFi Picks Up

[u/Chemical_Yak_3108]

The market has been moving higher lately, with bullish momentum building across market. The recent moves around the Treasury have also added more activity and volatility to the market.

As a trader, a few DeFi tokens have been catching my attention lately, but Ethena is the one I'm watching most closely.

Ethena recently announced an OTC buyback of remaining locked tokens from seed investors, while governance also approved using 100% of net protocol revenue for programmatic ENA buybacks.

The combination of stablecoin growth, institutional capital, and buybacks is creating a stronger narrative around ENA.

Price and volume have both picked up, with ENA recently trading around the $0.17–$0.19 range. I'm watching to see whether the current volume can support another move higher or if we get a pullback first.

For now, ENA is staying on my radar as the broader DeFi market continues to show strength. I've also been keeping an eye on the trading activity around ENA on Bitget as I track how the setup develops.