Ethena and BlackRock just made it official—ENA's chart still looks like it's filing for unemployment 🤝

Ethena [ENA] traded near $0.07127, barely above the $0.06993 cycle low, as the token entered a stabilization phase following weeks of sustained selling pressure. Recovery attempts have repeatedly stalled below the 23.6% Fibonacci level at $0.07663, with repeated rejections signaling that demand remains weak even as bearish momentum slows. On-Balance Volume flattened between -75 million and -84 million, and the failure of cumulative volume to follow the fresh price lower suggested that sellers may be losing dominance, with patient buyers absorbing supply near current levels. A sustained reclaim of $0.07663 would expose $0.08413 and later $0.08748 as recovery targets, while a loss of $0.06993 would invalidate the developing base and put the $0.06323 extension back in play.

On June 29, Ethena announced a partnership with BlackRock that brings its synthetic dollar, USDe, into the institutional sphere. As part of the arrangement, USDe was integrated onto BlackRock's Aladdin platform, which serves institutions whose total managed assets exceed $20 trillion. BlackRock's BUIDL fund will also serve as the primary backing asset for Ethena's upcoming white-label stablecoin, extending the partnership's footprint into tokenized financial products.

On-chain data from Santiment showed that $5.7 million in USDe was transferred to Bybit as one of the top 10 stablecoin deposits over the prior 24 hours. Stablecoins accounted for the majority of the largest exchange inflows during that window, a pattern consistent with capital being positioned for future deployment. Whale flows involving Ethereum [ETH] and stETH were more mixed, with sizeable transfers going in both directions and reflecting concurrent positioning and downside-risk management among large participants.