📈 Ethena has just seen its largest day of network growth (new wallets created) in over 3 months. Additionally, $ENA whale activity has just hit a 5-week high. Why? There has been a series of high-impact events that converged in the days leading up to May 12th:

🎯 Grayscale added ENA to its DeFi Fund with a 13.59% weighting on May 7th, marking a significant step in institutional adoption and likely driving new custody wallet creation. Just days later, a $310M USDC transfer from an Ethena-linked wallet on May 8th, followed by a LayerZero bridge suspension on May 9th, kept the protocol in the spotlight.

🎯 There is anticipation for the imminent activation of Ethena's long-awaited "fee switch." The Ethena Foundation has confirmed that all parameters set by the Risk Committee have been met, with a governance vote by ENA holders expected to follow shortly. Whales accumulating ahead of this vote is a classic DeFi positioning pattern.

👀 Watch on this chart link below to see if ENA on-chain activity continues at this high rate, which will likely lead to bullish price action!