Ethena Partners With Binance to Back USDe With a Tokenized Stock Basis Trade
Ethena (ENA)
Editor:
Eugene Serbin
bitcoinethereumnews.com reports that DeFi protocol Ethena (ENA) announced a partnership with Binance on Friday, beginning to back USDe with stocks. The protocol is extending its yield strategy beyond crypto by buying Binance’s bStocks and shorting its matching equity perpetuals. This move effectively utilizes a tokenized stock basis trade to support the stablecoin.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 25 September 2026. Not the outlet's figures.
ENA trades at $0.2246 with a 1-hour buy ratio of 43.6% and a 4-hour buy ratio of 49.6%, compared to a 24-hour buy ratio of 50.1%. The buy ratio indicates the percentage of volume driven by buyers, showing that short-term buying pressure is slightly weaker than the daily average. Volume delta measures the net difference between buy and sell volume; negative deltas of -$505,925 (1h) and -$300,731 (4h) suggest net selling pressure in the short term. However, the 24-hour volume delta is positive at +$49,552, indicating that net buying has occurred over the full day.
The latest daily buy ratio of 50.0% sits at the 67th percentile of the last 323 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the 7-day average buy ratio was 49.5%, making today's 24-hour ratio of 50.1% a marginal increase of 0.6 points. Volume relative to the average stands at 0.69x, meaning trading activity is significantly lower than usual for this period. While the price rose 45.3% over eight days, the total volume delta for that week was -$4,430,823. This week saw net buying on only 3 of 7 days, contrasting with the 8 hours of net buying recorded in the last 24 hours.