Mellow Finance has selected Ethena [ENA] as its first altcoin investment, signaling strong institutional confidence in the project’s long-term potential. The decentralized asset management protocol executed a substantial transfer of 15.147 million ENA — worth approximately $4.48 million — from Bybit to its personal wallet, a clear indication of strategic positioning during a market downturn.
🚨 Mellow Finance chọn $ENA làm quân bài chiến lược trong nhịp điều chỉnh
— Disaster 🌄 (@Disaster_whale) June 15, 2025
Trong khi nhiều altcoin lao dốc mạnh mẽ thời gian qua, Mellow Finance đã có bước đi đầy bất ngờ: chọn $ENA (Ethena) để tích lũy lần đầu tiên!
👜 Cụ thể, ví thuộc Mellow Finance đã… pic.twitter.com/AvlAp8wVnh
Buying the Dip or Backing the Future?
With altcoins experiencing widespread declines, the timing of this acquisition suggests Mellow Finance views the correction not as a deterrent, but as an opportunity. Such a large-scale purchase during a turbulent market could reflect a belief that ENA is fundamentally undervalued and poised for a rebound.
Ethena Labs, the team behind ENA, has been garnering attention for its innovative synthetic dollar protocol and decentralized finance infrastructure. This investment may signal Mellow’s faith in the broader utility and future adoption of ENA — a sentiment that could inspire other institutional players to follow suit.
Derivatives Markets Show Renewed Confidence
Supporting this optimistic outlook, ENA’s derivatives market data paints a promising picture. After enduring a stretch of negative sentiment in April, Funding Rates across major exchanges — including Bitmex, Hyperliquid, and Bybit — have turned positive. This signals that traders are once again paying premiums to hold long positions, suggesting a shift in sentiment from bearish to cautiously bullish.
Further reinforcing this trend is the Aggregated Orderbook Liquidity Delta, which recently climbed to $551.46K following a sharp decline on June 10. The return of green delta bars near the $0.29–$0.30 range shows cautious but growing buy interest, helping to stabilize ENA’s price around the $0.30 mark — a potential short-term base forming.
Liquidation Heatmap Highlights Key Price Levels
Traders eyeing ENA’s next move should pay close attention to Binance’s ENA/USDT Liquidation Heatmap. The data reveals concentrated liquidation leverage near $0.28, suggesting strong short-term support if bulls can defend the zone. Conversely, a cluster of short liquidations above $0.30 indicates a potential for a short squeeze if prices manage to break out.
The proximity of ENA’s current price to both these key liquidation levels implies that volatility is likely in the near term. Whether the price erupts higher or sees a pullback could depend largely on trader conviction and volume dynamics in the days ahead.
Mellow Finance’s calculated bet on Ethena [ENA] sends a message: even amid uncertainty, institutional capital is willing to back innovation. With strengthening derivatives indicators and critical price levels in play, ENA could be gearing up for a decisive move — one that might validate Mellow’s early conviction or test its risk tolerance.
Also Read: Ethena (ENA) Falls 14% as Traders Eye $0.35 Recovery
As the broader altcoin market continues to seek direction, ENA will be one to watch closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
