Ethena's ENA token surged over 19% in 24 hours to $0.1409 on August 22, lifting its market capitalization to $13.87 billion. This advance continued momentum from Ethena's August 13 partnership with FalconX for a $1 billion secured warehouse lending facility and Arthur Hayes' August 11 bullish commentary suggesting ENA could see fivefold gains amid recovering Bitcoin basis yields and increased dollar liquidity driving BTC higher. The rally saw ENA volume surge and derivatives activity remain active, though funding rates stayed neutral.