A top crypto trader thinks an Ethereum (ETH)-based decentralized finance token (DeFi) is an “obvious play” amid recent ETH developments.
The pseudonymous analyst known as the Flow Horse tells According to its 216,500 followers on social media platform X, Ethena’s governance token (ENA) looks promising.
“I’m looking forward to round 2 of a shift in pace down and a possible turnaround.”
The Ethena Labs project includes the yield-earning ‘synthetic dollar’ token USDe. The project aims to create a stable and scalable form of money in the crypto space without relying on traditional banking systems.
ENA is trading at $0.848 at the time of writing. The 83rd-ranked crypto asset by market cap is up nearly 15% in the past week.
The Flow horse notes However, he wants to focus mainly on Ethereum.
“In a real tone. I already see a lot of people talking about ETH beta. Do you know what the bulk of my ETH beta will be? Used ETH.
Think of the mud that ETH has been dragged through over the past year, and how unexpected this was. There is still a lot of catching up to do, but that is not priced in.”
This afternoon, the SEC approved Ethereum ETF Form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.
However, approval of the companies’ S-1 registration applications remains pending.
ETH is trading at $3,738 at the time of writing. The second-ranked crypto asset by market capitalization is up nearly 24% over the past seven days.
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Generated image: Midjourney