Ethereum

Flow

Ethena

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 <p>A top crypto trader thinks one Ethereum (ETH)-based decentralized finance (DeFi) token is an “obvious play” amid recent ETH developments.</p>
 <p>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.</p>
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 <p><em>“Looking to go for round 2 of a shift in the pace downward and possible turnaround.”</em></p>
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   Source: TheFlowHorse/X
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 <p>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.</p>
 <p>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.</p>
 <p>The Flow Horse notes that he primarily plans to focus on Ethereum, however.</p>
 <p><em>“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.</em></p>
 <p><em>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.”</em></p>
 <p>This afternoon, the SEC approved Ethereum ETF form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy.</p>
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  However, the approval of the firms’ S-1 registration filings remains outstanding.
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 <p>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.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/top-trader-reveals-obvious-altcoin-play-amid-potential-spot-ethereum-etf-approval-tbt89487.html">https://thebittimes.com/top-trader-reveals-obvious-altcoin-play-amid-potential-spot-ethereum-etf-approval-tbt89487.html</a></p>

Top Trader Reveals ‘Obvious’ Altcoin Play Amid Potential Spot Ethereum ETF Approval

TheBitTimes

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