Ethena (ENA) 市場分析：鯨魚活動激增影響市場動態

Ethena 是一種建立在以太坊區塊鏈上的金融協議，旨在提供獨立於傳統銀行系統運作的合成美元解決方案。

Ethena, a financial protocol built on the Ethereum blockchain, is designed to provide a synthetic dollar solution that operates independently of traditional banking systems. Deribit, a top crypto derivatives exchange, plans to integrate Ethena's USDe stablecoin as margin collateral in early January 2025, pending regulatory approval. This move aims to enhance trading options by including USDe in Deribit's cross-collateral pool, allowing users more flexible trading strategies. The integration demonstrates growing confidence in USDe as a stable and viable digital asset, designed to maintain its value against the U.S. dollar.

Ethena 是一種建立在以太坊區塊鏈上的金融協議，旨在提供獨立於傳統銀行系統運作的合成美元解決方案。頂級加密貨幣衍生品交易所 Deribit 計劃於 2025 年 1 月初整合 Ethena 的 USDe 穩定幣作為保證金抵押品，目前正在等待監管部門的批准。此舉旨在透過將 USDe 納入 Deribit 的交叉抵押品池來增強交易選擇，讓用戶擁有更靈活的交易策略。此次整合顯示人們對 USDe 作為穩定且可行的數位資產的信心不斷增強，旨在維持其兌美元的價值。

Despite facing challenges like negative funding rates, USDe's supply remains strong at around $3.09 billion, showing resilient demand. On November 19, USDe experienced a significant inflow of $119 million in one day, contributing to a total of $1 billion in inflows over the past month and bringing its market cap to about $3.44 billion. This indicates a recovery and growth trend for the protocol as it approaches its all-time high of $3.6 billion.

儘管面臨負融資利率等挑戰，USDe 的供應量仍然強勁，約 30.9 億美元，顯示出需求的彈性。 11月19日，USDe單日大幅流入1.19億美元，過去一個月累計流入10億美元，市值達約34.4億美元。這表明該協議正呈現復甦和成長趨勢，其價值已接近 36 億美元的歷史新高。

In the past week, Ethena has experienced a surge in whale activity impacting its market, especially for its governance token, ENA, and its synthetic dollar, USDe. The number of large transactions over $100,000 increased dramatically from 23 to 128, showing growing interest from big investors. Large holders have accumulated about 5.4 million ENA tokens worth around $2.3 billion. This accumulation marks a significant rise in whale holdings, indicating a positive outlook for ENA.

過去一周，Ethena 的鯨魚活動激增，影響了其市場，尤其是其治理代幣 ENA 及其合成美元 USDe。 10萬美元以上的大宗交易數量從23起大幅增加至128起，顯示大投資者的興趣日益濃厚。大持有者已累積了約 540 萬個 ENA 代幣，價值約 23 億美元。這一積累標誌著鯨魚持有量的顯著增加，表明 ENA 的前景樂觀。

Overall, this trend suggests that large investors are becoming more confident in the Ethena ecosystem. ENAUSD is trading flat after a nice pullback. It recovered above $0.60 after a minor sell-off, and the pair holds well above the short-term (34 and 55 EMA) and long-term moving averages. It hit a low of $0.5571 yesterday and is currently trading around $0.6389.

總體而言，這一趨勢表明大型投資者對 Ethena 生態系統越來越有信心。 ENAUSD 在大幅回檔後交易持平。在小幅拋售後，該貨幣對恢復至 0.60 美元上方，且遠高於短期（34 和 55 EMA）和長期移動平均線。昨天觸及 0.5571 美元的低點，目前交易價格約為 0.6389 美元。

The bullish invalidation can happen if the pair closes below $0.260. On the lower side, the near-term support is $0.550. Any break below targets 0.4350/0.4350/0.370/0.300/\0.260. The immediate resistance stands at around $0.5375. Any breach above confirms a minor pullback. A jump to 0.6350/\0.750 is possible. A surge past $0.75 will take it to $1.

如果該貨幣對收於 0.260 美元以下，則可能會發生看漲失效。下方，近期支撐位為 0.550 美元。任何跌破目標0.4350/0.4350/0.370/0.300/\0.260。直接阻力位於 0.5375 美元附近。上述任何突破都證實了小幅回檔。跳躍至 0.6350/\0.750 是可能的。飆升至 0.75 美元以上將升至 1 美元。

It is a good strategy to buy on dips around $0.600 with a stop-loss around $0.4350 and a target price of $1.

在 0.600 美元左右逢低買入、止損在 0.4350 美元左右、目標價為 1 美元是一個不錯的策略。