dailyhodl.com
A top crypto trader thinks one Ethereum ($ETH)-based decentralized finance (DeFi) token is an “obvious play” amid recent $ETH developments.
The pseudonymous analyst known as the Flow Horse tells his 216,500 followers on the social media platform X that the governance token of Ethena ($ENA) looks promising.
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 time of writing. The 83rd-ranked crypto asset by market cap is up nearly 15% in the past week.
The Flow Horse notes that he primarily plans to focus on Ethereum, however.
“On a real note. I already see a ton of people talking about $ETH beta. Do you know what most of my $ETH beta will be? Leveraged $ETH.
Think of the dirt that $ETH was dragged through over the last year, and how unexpected this was. There is a lot of catching up to do, this 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.
$ETH is trading at $3,738 at time of writing. The second-ranked crypto asset by market cap is up nearly 24% in the past seven days.
Generated Image: Midjourney