ETH Price Surge: GENIUS Act and Ethena (ENA) Impact

17 July, 2025, 09:29 AM

Ethereum (ETH) is experiencing a price surge, fueled by anticipation surrounding the passage of the GENIUS Act, a US stablecoin regulation bill. Market analysts, like Markus Thielen from 10x Research, believe the bill's approval could significantly boost ETH's market presence. The market is also closely watching Ethena (ENA) and its USDe synthetic stablecoin. Ethena uses ETH as collateral and takes corresponding short positions, aiming for delta neutrality. This activity accounts for about 4% of ETH's total open interest, creating some downward pressure on ETH prices. However, the market's interpretation appears to be evolving. ENA is also rising, alongside increasing Ethereum funding rates, suggesting a broader positive sentiment towards ETH and related projects. The GENIUS Act, if passed, could unlock further growth potential for Ethereum and its ecosystem. ```