ENA Surges 48% on FalconX’s $1 Billion Deal: Selective Rally

Ethena’s ENA token rose 48.3% to $0.1475, while Hyperliquid’s HYPE token tested record territory; however, indicators do not yet point to a broad-based altcoin season.

According to developments reported by CoinDesk, the rally in ENA was triggered by a $1 billion secured financing facility announced between Ethena and FalconX. The token’s weekly gains also reached 77.2%.

Under the deal, assets backing USDe are planned to be used in institutional loans issued with collateral exceeding the debt amount, rather than transactions that exploit price differences between crypto assets. This structure has created expectations for a new use case for ENA.

Volume support in ENA’s rise

After falling sharply from levels above $0.80, ENA had moved sideways in the $0.06-$0.10 range for months. With buyers returning, the token’s trading volume surged to $1.04 billion. This figure represents a 319% increase compared to the previous 24 hours and is equivalent to approximately three-quarters of the token’s market capitalization.

HYPE also tested $77.87 during the day, approaching the record level of approximately $76.87 seen on June 16. The token traded at around $76.85. The move came after Donald Trump said on Wednesday that the U.S. commodities regulator, the CFTC, is working to make Hyperliquid operational in a compliant manner in the U.S.

CRV, FET, PENGU, PUMP, and PEPE also rose by approximately 19% to 21% in the last 24 hours.

Despite this, Bitcoin dominance stands at 59.8%. The CoinMarketCap altcoin season index has dropped to 33/100 from last week’s 51 points. This data indicates that the rally is concentrated in tokens with specific catalysts rather than a general altcoin season.