{"id":602364,"date":"2024-04-10T00:00:43","date_gmt":"2024-04-10T00:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=602364"},"modified":"2024-06-11T08:11:08","modified_gmt":"2024-06-11T08:11:08","slug":"ethenas-ena-crucial-role-in-bitcoin-bull-market-expert-identifies-critical-factors-for-sustainable-growth","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethenas-ena-crucial-role-in-bitcoin-bull-market-expert-identifies-critical-factors-for-sustainable-growth\/","title":{"rendered":"Ethena\u2019s (ENA) Crucial Role In Bitcoin Bull Market: Expert Identifies Critical Factors For Sustainable Growth"},"content":{"rendered":"

The recent volatility in the Bitcoin (BTC) price and its struggle to consolidate above the $70,000 mark has raised questions about the sustainability of its ongoing bull run. <\/span><\/p>\n

However, market expert Charles Edwards, co-founder of Capriole Invest, believes that the decentralized finance (DeFi) protocol <\/span>Ethena Labs <\/span><\/a>(ENA) could significantly extend and boost Bitcoin’s bull market to new heights.\u00a0<\/span><\/p>\n

In a recent <\/span>post <\/span><\/a>on social media site X (formerly Twitter), Edwards suggested that Ethena’s actions, such as constraining over-leverage in derivatives markets and reducing spot supply, can propel Bitcoin’s price higher for a longer period.<\/span><\/p>\n

Bitcoin Bull Market Boost<\/span><\/h2>\n

To provide further context as to why Edwards is suggesting this possibility, on April 4th, Ethena Labs <\/span>announced <\/span><\/a>its intention to engage in a cash-and-carry trade involving Bitcoin.\u00a0<\/span><\/p>\n

According to the protocol\u2019s announcement, Ethena Labs can manage risk and provide a more stable backing for its product by buying and shorting Bitcoin.\u00a0<\/span><\/p>\n

Related Reading: Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible?<\/a><\/div>\n

One of the key factors Edwards highlights is Ethena’s ability to constrain over-leverage in Bitcoin <\/span>derivatives markets<\/span><\/a>. By doing so, Ethena aims to prevent excessive risk-taking and potential market instability.\u00a0<\/span><\/p>\n

Additionally, Ethena’s taking spot supply off the market can reduce selling pressure, thus supporting Bitcoin’s price and prolonging the bull market.<\/span><\/p>\n

The protocol also noted that Bitcoin derivative markets offer superior scalability and liquidity compared to Ethereum (ETH). This characteristic reportedly makes Bitcoin a suitable asset for <\/span>delta hedging<\/span><\/a>, a risk management strategy employed by Ethena.\u00a0<\/span><\/p>\n

With $25 billion of Bitcoin open interest available for Ethena to delta hedge, the capacity for its synthetic dollar product, USDe, to scale has increased significantly. Ethena Labs noted in their announcement the following:<\/span><\/p>\n

In just 1 year, BTC open interest on major exchanges (exc. CME) has grown from $10bn to $25bn, while ETH OI has grown from $5 to $10bn BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging<\/span><\/p><\/blockquote>\n

Weighing The Risks<\/span><\/h2>\n

While Edwards’ statement is optimistic about Ethena’s impact on Bitcoin’s bull market, one user <\/span>raised concerns <\/span><\/a>about potential downsides. Edwards acknowledges that execution risks, such as custody failure or delta neutrality failure, could have adverse effects.\u00a0<\/span><\/p>\n

Edwards identifies custody risk as the most significant risk in this context. However, he highlights that any negative impacts will likely be short-lived, and market forces will ultimately dictate Ethena’s net annual percentage yield (APY).<\/span><\/p>\n

Related Reading: Bitcoin To $150,000 Is \u201cProgrammed\u201d With Halving Approaching: Analyst<\/a><\/div>\n

In short, by limiting over-leveraging in future markets and reducing spot supply, Ethena could significantly support the price of BTC and extend the current bull run.<\/p>\n

\"Bitcoin
The daily chart shows that BTC’s price has been trending downward over the past 24 hours. Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently, BTC\u2019s price has experienced a significant decline, plummeting to the $68,800 level. This marks a 4.3% decrease compared to Monday’s price.<\/span>
\n<\/span><\/p>\n

In parallel, Ethena’s native token, <\/span>ENA<\/span><\/a>, has also followed the overall downtrend of the market, reflecting BTC’s price movement with a 4% decrease. Presently, ENA is trading at $1.22.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The recent volatility in the Bitcoin (BTC) price and its struggle to consolidate above the $70,000 mark has raised questions about the sustainability of its ongoing bull run. However, market expert Charles Edwards, co-founder of Capriole Invest, believes that the decentralized finance (DeFi) protocol Ethena Labs (ENA) could significantly extend and boost Bitcoin’s bull market to new heights.\u00a0 In a recent post on social media site X (formerly Twitter), Edwards suggested that Ethena’s actions, such as constraining over-leverage in derivatives markets and reducing spot supply, can propel Bitcoin’s price higher for a longer period. Bitcoin Bull Market Boost To provide further context as to why Edwards is suggesting this possibility, on April 4th, Ethena Labs announced its intention to engage in a cash-and-carry trade involving Bitcoin.\u00a0 According to the protocol\u2019s announcement, Ethena Labs can manage risk and provide a more stable backing for its product by buying and shorting Bitcoin.\u00a0 Related Reading: Solana Open Interest Drops $370 Million Amid Network Troubles, $200 Still Possible? One of the key factors Edwards highlights is Ethena’s ability to constrain over-leverage in Bitcoin derivatives markets. By doing so, Ethena aims to prevent excessive risk-taking and potential market instability.\u00a0 Additionally, Ethena’s taking spot supply off the market can reduce selling pressure, thus supporting Bitcoin’s price and prolonging the bull market. The protocol also noted that Bitcoin derivative markets offer superior scalability and liquidity compared to Ethereum (ETH). This characteristic reportedly makes Bitcoin a suitable asset for delta hedging, a risk management strategy employed by Ethena.\u00a0 With $25 billion of Bitcoin open interest available for Ethena to delta hedge, the capacity for its synthetic dollar product, USDe, to scale has increased significantly. Ethena Labs noted in their announcement the following: In just 1 year, BTC open interest on major exchanges (exc. CME) has grown from $10bn to $25bn, while ETH OI has grown from $5 to $10bn BTC derivative markets are growing at a faster pace than ETH and offer better scalability and liquidity for delta hedging Weighing The Risks While Edwards’ statement is optimistic about Ethena’s impact on Bitcoin’s bull market, one user raised concerns about potential downsides. Edwards acknowledges that execution risks, such as custody failure or delta neutrality failure, could have adverse effects.\u00a0 Edwards identifies custody risk as the most significant risk in this context. However, he highlights that any negative impacts will likely be short-lived, and market forces will ultimately dictate Ethena’s net annual percentage yield (APY). Related Reading: Bitcoin To $150,000 Is \u201cProgrammed\u201d With Halving Approaching: Analyst In short, by limiting over-leveraging in future markets and reducing spot supply, Ethena could significantly support the price of BTC and extend the current bull run. Currently, BTC\u2019s price has experienced a significant decline, plummeting to the $68,800 level. This marks a 4.3% decrease compared to Monday’s price. In parallel, Ethena’s native token, ENA, has also followed the overall downtrend of the market, reflecting BTC’s price movement with a 4% decrease. Presently, ENA is trading at $1.22. Featured image from Shutterstock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":602365,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,656,679,768,1119,1144,8390,78790,6664,1558,54512,91991,91993,92043,91990,92042,91994,91992,1946,8686,78803],"class_list":["post-602364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-cryptocurrency","tag-defi","tag-ena","tag-ena-price","tag-enausd","tag-ethena","tag-ethena-labs","tag-ethena-news","tag-ethena-price","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nEthena\u2019s (ENA) Crucial Role In 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With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies. Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology. Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry. One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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