Ethena’s ENA token has risen 48.3% in 24 hours and 77.2% over the past week, driven by news of a $1bn secured warehouse facility agreed with crypto trading firm FalconX.
The rally came after Ethena announced the deal on Wednesday, with trading activity also surging sharply. ENA’s 24-hour volume reached $1.04bn, an increase of 319% compared with the previous day and equivalent to almost three-quarters of the token’s market capitalisation.
However, the gains have not yet signalled the start of a broader altcoin season. Bitcoin dominance – the cryptocurrency’s share of the total digital-asset market – remains at 59.8%, while CoinMarketCap’s altcoin season index has fallen to 33 from 51 a week earlier.
The figures suggest that the strongest-performing tokens are being supported by individual developments rather than a widespread movement of capital into alternative cryptocurrencies.
Hyperliquid’s HYPE token was another notable mover. It reached $77.87 on Friday, moving close to its record of $76.87, recorded on 16 June. The rally followed comments from President Trump that the Commodity Futures Trading Commission (CFTC) was working to bring the exchange onshore in a compliant manner.
HYPE’s move, like ENA’s, has been linked to a specific catalyst rather than evidence of indiscriminate buying across the wider altcoin market.
Other tokens listed among the day’s stronger performers included Curve DAO Token, which was priced at $0.31 and had gained 17.40%. Artificial Superintelligence Alliance was at $0.15, up 12.56%, while Pudgy Penguins stood at $0.0082 after rising 13.24%.
The broader market data continues to point to a selective rally. Despite sharp gains in individual projects, Bitcoin’s dominance has remained broadly firm and the altcoin season index is well below the level recorded the previous week.
An altcoin season is generally associated with a period when alternative cryptocurrencies outperform Bitcoin across the market. The current readings indicate that condition has not yet been met, with momentum concentrated in assets benefiting from identifiable announcements or policy developments.
The information also included a description of Anvil, presented as a shared on-chain collateral layer based on a programmable letter of credit. Its stated model allows users to reserve assets as a guarantee without taking a loan or paying interest, while retaining custody and yield.
For now, Ethena’s ENA remains the clearest example of a token gaining strongly from a company-specific announcement. Its 48.3% daily increase and 77.2% weekly advance stand out, but the overall market indicators provide little evidence that investors have begun rotating broadly into altcoins.
