Why is Ethena up today?

Ethena's 9% daily gain — and 47% weekly run — is outpacing a flat Bitcoin, which has held near $84,441 over 24 hours, so this is an ENA-specific bid rather than a market-wide lift. The clearest catalyst is regulatory: the Federal Reserve opened two proposals for comment under the GENIUS Act, requiring supervised stablecoin issuers to fully back tokens with safe assets and setting up an application process for banks seeking to issue them. Any move toward a defined US rulebook for dollar tokens goes directly to Ethena's business, which is built around its synthetic dollar USDe.

Supporting the tone around tokenized dollars and onchain assets, Cathie Wood's ARK is working with Securitize to tokenize its venture fund — including OpenAI and Anthropic exposure — first on Ethereum.

The sector backdrop is not uniformly friendly: roughly $350 million was drained from wallets tied to Bitget, and long-dated Treasury yields hit 5.44%, the highest since 2004. Volume of $482 million against a $2.25 billion cap shows active turnover.