$ENA is showing why fundamentals still matter in crypto. Ethena has secured a $1B institutional credit partnership with FalconX, while its TVL has recovered to around $4.4B, strengthening the growth story around USDe and its expanding role in institutional finance. The bigger development is Ethena diversifying its yield sources. Instead of relying heavily on a single basis-trading strategy, the partnership opens another avenue through overcollateralized institutional lending, potentially making the USDe ecosystem more resilient as market conditions evolve. The market has already responded. ENA is up more than 40% in 24 hours and over 70% in two days, with trading volume surpassing $800M. If $BTC strength continues and liquidity flows back into Ethereum and DeFi, the USDe flywheel could gain even more momentum. For traders, this is where I’d be watching ENA closely. The move isn’t just about price action anymore, improving fundamentals, rising TVL and growing institutional participation are giving the token a stronger narrative. Bitget also offers ways to trade the momentum through ENA margin and automated grid strategies. #BTC Price Analysis# #Altcoin Season#