The Resilience of the Crypto Market

The crypto market continues to show resilience, maintaining the recovery that began mid-last week. Major assets like BTC and ETH are holding firm above $80,000 and $1,900 respectively, while several altcoins are gaining traction with notable market activity.

Today, data shared by Satoshi Club indicates that Ethena’s Total Value Locked (TVL) has reached a new all-time high (AHT) of $6.33 billion.

> .@ethena_labs’s TVL has surged 10% in the past week, reaching a new all-time high.
> It is now the 4th largest DeFi protocol and holds more TVL than any blockchain except Ethereum and Solana.
>
> — Satoshi Club (@esatoshiclub) March 21, 2025

Ethena Climbs to $6.33 Billion AHT

Ethena Labs, a stablecoin protocol and RWA platform, has achieved a historic milestone of $6.33 billion AHT after a 10% increase in the past week. This milestone positions Ethena as the 4th largest DeFi protocol, surpassing all blockchains except Ethereum and Solana. The growth is indicative of rising interest in the Ethena protocol and its engagement in the DeFi market.

Key contributors to Ethena’s TVL growth include its assets, USDe and UStb, which highlight the network’s expanding influence and adoption. This significant achievement reflects a broader trend in the DeFi ecosystem, where projects like Ethena draw substantial inflows of funds, showcasing increasing investor confidence and demand for its DeFi services.

ENA Price Updates

Despite the impressive increase in TVL, Ethena’s native token, ENA, has not yet reflected this in its price movements. Currently, ENA is in a correction phase that began a month ago, with its price down 12.6% over the last month and 0.1% over the past week. Nonetheless, on-chain indicators are beginning to show signs of a bullish reversal, fueled by rising demand and positive market sentiment.

Ethena has recently managed to hold above the critical support level of $0.2045, a sign of stability that might indicate the asset is poised to break out of its current downtrend. There is potential for ENA to challenge the key resistance level of $0.5. The ongoing recovery and accumulation among long-term holders are encouraging signs that suggest ENA may overcome its downward trend in the weeks to come.