Ethena (ENA) 市场分析：鲸鱼活动激增影响市场动态

Ethena 是一种建立在以太坊区块链上的金融协议，旨在提供独立于传统银行系统运行的合成美元解决方案。

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 是一种建立在以太坊区块链上的金融协议，旨在提供独立于传统银行系统运行的合成美元解决方案。顶级加密货币衍生品交易所 Deribit 计划于 2025 年 1 月上旬整合 Ethena 的 USDe 稳定币作为保证金抵押品，目前正在等待监管部门的批准。此举旨在通过将 USDe 纳入 Deribit 的交叉抵押品池来增强交易选择，让用户拥有更灵活的交易策略。此次整合表明人们对 USDe 作为一种稳定且可行的数字资产的信心不断增强，旨在维持其兑美元的价值。

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.

尽管面临负融资利率等挑战，USDe 的供应量仍然强劲，约为 30.9 亿美元，显示出需求的弹性。 11月19日，USDe单日大幅流入1.19亿美元，过去一个月累计流入10亿美元，市值达到约34.4亿美元。这表明该协议正呈现复苏和增长趋势，其价值已接近 36 亿美元的历史新高。

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.

过去一周，Ethena 的鲸鱼活动激增，影响了其市场，尤其是其治理代币 ENA 及其合成美元 USDe。 10万美元以上的大宗交易数量从23起大幅增加至128起，显示出大投资者的兴趣日益浓厚。大持有者已积累了约 540 万个 ENA 代币，价值约 23 亿美元。这一积累标志着鲸鱼持有量的显着增加，表明 ENA 的前景乐观。

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.

总体而言，这一趋势表明大型投资者对 Ethena 生态系统越来越有信心。 ENAUSD 在大幅回调后交易持平。在小幅抛售后，该货币对反弹至 0.60 美元上方，且远高于短期（34 和 55 EMA）和长期移动平均线。昨天触及 0.5571 美元的低点，目前交易价格约为 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.

如果该货币对收于 0.260 美元以下，则可能会发生看涨失效。下方，近期支撑位为 0.550 美元。任何跌破目标0.4350/0.4350/0.370/0.300/\0.260。直接阻力位于 0.5375 美元附近。上述任何突破都证实了小幅回调。跳跃至 0.6350/\0.750 是可能的。飙升至 0.75 美元以上将升至 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 美元左右逢低买入、止损在 0.4350 美元左右、目标价为 1 美元是一个不错的策略。