Ethena: Can Mellow Finance's $4.48 million bet stimulate the revival of ENA?

Gate News bot news, by selecting Ethena (ENA) as its first investment altcoin, Mellow Finance made a big bet while the market is in a correction phase. With the widespread emergence of altcoins, the fund issued 15.147 million ENA to personal wallets, worth approximately 4.48 million dollars.

The initial storage of altcoins indicates a high level of confidence in the future of Ethena Labs, with the timing strategy adjustments suggesting that Mellow Finance believes ENA has valuable fundamentals that are undervalued. This move also reflects institutional confidence in the future of Ethena's crypto infrastructure. In an environment where alts are generally underperforming, this may bring hope to the market.

(Source: Arkham Intelligence)

In-depth research of the derivatives market shows that the financing rate of ENA has rebounded to positive territory among major exchanges. Its financing rate has turned positive on several major platforms in the coin circle, indicating that traders are once again paying to hold long positions. This is a key shift after the financing rate remained in negative territory for an extended period in April.

(Source: CoinGlass)

In addition, after a significant decline on June 10, the aggregated order book liquidity increased again to a positive value a few days later, amounting to approximately $5.5146 million. The inflow of around $0.29 to $0.30 indicates that buying interest has reignited, although caution is needed regarding this buying interest.

(Source: CoinGlass)

A large number of green triangular prisms indicate that investors' interest in Bitcoin has rebounded, but they are holding cautiously. This influx of funds will stabilize the Bitcoin price around $0.30 and suggests that a bottom may form in the short term.

Source: AmbCrypto