#ENA is rallying on a $1 billion FalconX deal, while HYPE tests its record, though flat dominance shows this is no broad alt season.

Ethena (ENA) has gained 48.3% over 24 hours and 77.2% on the week after announcing a $1 billion secured warehouse facility with FalconX on Wednesday. Volume has reached $1.04 billion, up 319% on the previous 24 hours and close to three-quarters of the token's market cap.

Hyperliquid (HYPE) touched $77.87 on Friday, taking it to the edge of its June 16 record of $76.87, after President Trump said the CFTC is working to bring the exchange onshore in a compliant manner.

$Bitcoin dominance sits at 59.8%, and CoinMarketCap's altcoin season index is at 33, down from 51 last week. The tokens moving hardest have specific catalysts rather than benefiting from indiscriminate capital rotation.