ENA remains bearish despite Janus Henderson’s Ethena deal

ENA, the native coin of the Ethena ecosystem, is down by 3% in the last 24 hours, dropping below the $0.080 level. 

The bearish performance comes despite Ethena announcing a new partnership with global asset manager Janus Henderson that includes a strategic investment in the protocol’s governance token, ENA.

The collaboration highlights growing institutional interest in decentralized finance (DeFi) infrastructure and tokenized real-world assets.

However, technical indicators suggest that ENA remains bearish and could record further downward pressure in the near term. 

Janus Henderson invests in ENA

Ethena announced via X on Tuesday that it will support the distribution of Janus Henderson’s tokenized collateralized loan obligation (CLO) funds.

At the same time, Janus Henderson—managing around $480 billion in assets—has made a strategic investment in Ethena’s ENA token.

The asset manager also plans to integrate USDe, Ethena’s yield-bearing synthetic dollar, into its treasury cash management operations.

Beyond treasury use, both firms are exploring the possibility of offering USDe to Janus Henderson clients through exchange-traded investment products.

If realized, the move would mark a significant step toward bringing DeFi-native yield products into regulated financial markets.

While speaking on this latest partnership, Nick Cherney, head of innovation at Janus Henderson Investors, stated that the firm is excited about the possibilities of the collaboration. 

He added that blockchain innovation is being driven by the DeFi sector and emphasized the importance of partnerships with leading protocols and founders.

This latest development comes as Ethena has also been gaining traction through additional partnerships. 

Earlier this month, Coinbase Ventures disclosed its first investment in Ethena and plans to distribute its products to over 100 million users.

Anchorage Digital also expanded its collaboration with Ethena to support institutional lending via its Atlas platform

Together, these partnerships are strengthening Ethena’s position within institutional crypto markets.

Ethena has become one of the largest DeFi protocols by offering yield through its USDe synthetic dollar, which combines stablecoin demand with derivatives hedging strategies.

The protocol previously reached about $15 billion in assets during last year’s market rally, but now manages roughly $5 billion as broader crypto markets recover from a prolonged downturn.

Will the ENA token bounce back soon?

The ENA/USD 4-hour chart is bearish and efficient as ENA is down by 3% in the last 24 hours.

The technical indicators suggest that ENA remains bearish and could record further losses in the near term.

The RSI of 38 means that ENA is approaching the oversold region, with the MACD lines also below the neutral zone.

At press time, ENA is trading at $0.0787. If the selloff persists, ENA could drop below the $0.070 support level, with another demand zone at $0.063.

A daily close below these levels could see ENA extend its losses below $0.060, setting a new all-time low in the process.

However, if bulls regain control, ENA could encounter the first major resistance around the $0.088 level. 

A decisive close above this level could allow ENA to extend its rally towards the $0.10 psychological level.