ENA surged to $0.1383 on $806 million in trading volume after Ethena and FalconX disclosed a $1 billion secured warehouse facility that deploys USDe reserve assets into overcollateralised institutional loans. The structural detail matters more than the price move. USDe has historically relied on perpetual futures funding rates for yield. When those rates compress or turn negative during low-leverage periods, the entire USDe flywheel slows. The FalconX facility creates a return stream that doesn't move with those swings, structured through a bankruptcy-remote SPV with Ethena retaining first-priority security interest. That's not a narrative upgrade. That's a fundamental architecture change. Arthur Hayes bought 9.05 million $ENA shortly before Ethena's August 5 token unlock, then publicly called it an "easy 5-10x." That sequence matters cos it suggests conviction was formed before the announcement, not after. Technically, ENA just broke above its 200-day EMA at $0.1324, which had capped every recovery attempt since early 2026. If that level holds as support, the next targets sit at $0.1911 and $0.2511. A failed retest flips the setup bearish quickly. USDe supply on Robinhood Chain also hit $253 million this week, adding another demand driver to the protocol's TVL recovery to $4.4 billion. The way I'm approaching this on Bitget is through the margin borrow feature. Borrowing at rates as low as 3% to size into ENA while the 200-day EMA holds is more capital-efficient than committing full principal on a setup that still carries breakout risk. Grid trading on ENA futures on Bitget also makes sense here cos volatility after a 42% move tends to oscillate before trending, and automated range capture works well in that environment. $ETH is the macro lever underneath all of this. A recovering Ethereum and DeFi sector re-energises the USDe basis trade. ENA and ETH are the same bet framed differently. NFA. DYOR.