The post Pantera Capital Buys $8 Million Worth ENA Tokens, Signing Institutional Investors Accumulating Ethena   appeared on BitcoinEthereumNews.com.

The virtual currency market is currently experiencing evolving investment strategies. Institutional investors are now amassing positions in emerging coins like Ethena (ENA). Today on November 2024, on-chain analytics platform Nansen spotted Pantera Capital accumulating ENA tokens in large amounts. According to Nansen, Pantera Capital bought ENA tokens worth $8 million in the last 24 hours. The institutional investor has been piling up the coins in the past three weeks, Nansen discovered. Maximizing Ethena accumulation Ethena has outperformed major crypto assets in the few past months, strengthening its position for virtual currency investors. ENA price is currently up 85% in the last 30 days. Investors dedicated to Ethena’s long-term vision are buying more tokens and maximizing their holdings. Yesterday, Arthur Hayes, BitMEX co-founder, bought 11.21 million in ENA coins after dumping all his Aethir (ATH) holdings. Hayes made significant withdrawals of ENA from the Binance exchange, indicating his heightened enthusiasm for the synthetic dollar protocol. In the previous week, Ethena witnessed an increased number of big investor activity impacting its market. The number of large transactions over $100,000 rose tremendously to 128 from 23, reflecting rising interest from whales. This accumulation shows that whales are becoming more optimistic in the Ethena ecosystem. Why Ethena (ENA) tokens gaining interest Ethena is a decentralized protocol running on top of the Ethereum blockchain to create synthetic dollars not reliant on traditional banking systems. The perpetually developing DeFi landscape always has the desire for innovative and satisfying stablecoins. Ethena has set itself at the front line of the stablecoin era with its innovative synthetic stablecoin USDe. With its extraordinary approach to yield generation, security, and stability, USDe is designed to resolve the limitations of traditional stablecoins. The stablecoin is leading a new way in the DeFi space as a better option for both institutional investors…

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Filed under: News - @ November 30, 2024 6:22 pm