ENA Surges 25% as Ethena Expands Basis-Trade Strategy with Binance

Ethena's integration with Binance has given its token ENA a significant boost, surging 25.83% and drawing attention to its expanding basis-trade strategy.

The collaboration allowed Ethena to widen its basis-trading model beyond the crypto market by integrating tokenized equities as spot collateral, exposing it to an estimated $150 trillion real-world asset market.

Market activity around ENA's rally saw a 78.25% increase in spot volume to $1.11 billion, but supply conditions were still a concern as investors positioned themselves around the expanding ecosystem narrative.

A Coinbase custody deposit brought fresh supply into the market, with $7.73 million in ENA moved from Coinbase to Bybit, creating potential exchange-side supply pressure.