Ethena’s $ENA Transfers Surge to Record High, Signaling DeFi Revival

Ethena’s native token $ENA experienced a significant surge in trading activity. On November 20th, the number of $ENA transfers surpassed 73,274 – the highest recorded in the protocol’s history, according to on-chain data from Glassnode. This spike follows a period of volatility and uncertainty in the crypto market, with some analysts attributing it to institutional positioning amidst volatile funding rates. Despite this surge, $ENA’s price remained relatively stagnant, hovering around $0.2537. 73,274 transfers signal potential for bullish momentum as DeFi activity picks up.