TL;DR
- 21shares launched the Ethena and Morpho ETPs in Europe, opening a regulated channel that brings ENA back into institutional flow.
- ENA is priced at $0.29 after rising 11% in the past 24 hours.
- The EENA ETP provides direct exposure to the token.
Ethena is regaining space in institutional flow after the launch of the new 21shares ETPs in Europe.
ENA is trading at $0.29 and posted an 11% daily increase, a move that aligns with the arrival of products that shift demand toward regulated vehicles that do not depend on on-chain execution. Inclusion on the SIX Swiss Exchange and Euronext turns the token into an accessible option for investors seeking direct exposure through a familiar structure.
How the New 21Shares ETP Works
The 21shares Ethena ETP (EENA) mirrors ENA’s performance and brings it into a structure that allows investors to assess protocol parameters such as collateral management and the token’s role in future revenue-sharing mechanisms linked to USDe and sUSDe. In parallel, the Morpho ETP will expand coverage of decentralized credit and place both networks within the same institutional package that 21shares has already built across Europe.
Ethena Recovers From the Binance Depeg
The price rebound also coincides with an adjustment in Ethena’s monetary base. USDe supply dropped 24% in November, with market cap falling from $9.3B to $7.1B after a brief depeg in October caused by a Binance oracle error. That episode triggered more than $2B in redemptions and overlapped with steady inflows into USDT, USDC, PYUSD, and RLUSD, which strengthened their weight inside the $311B stablecoin market. The contraction in supply affects the volume processed by the protocol and shapes the outlook for future fee accumulation, a key variable for ENA holders.
ENA’s technical structure shows signals consistent with the current recovery. The token moved above the 7-day moving average and confirmed a directional shift with a bullish MACD crossover. The RSI exited its weak zone and maintains a reading that matches the rebound. The critical level sits at $0.30: a clean close above that threshold would open a path toward $0.51, while the 200-day EMA near $0.47 remains a structural cap.
With EENA’s arrival, 21Shares formalizes a steady route for institutional capital and places Ethena in a favorable position within the market
