Altcoins are outperforming Bitcoin as a rally that began after Wednesday’s Treasury bond buyback announcement enters its third day. Ethena’s ENA has climbed 26.4% since midnight UTC to $0.1475, lifting its 24-hour gain to 48.3% and its weekly advance to 77.2%. The move followed Ethena’s announcement of a $1 billion secured warehouse facility with FalconX, which will deploy assets backing its USDe synthetic dollar into overcollateralized institutional credit rather than the crypto basis trade. ENA had traded sideways for months between $0.06 and $0.10 after falling from above $0.80, limiting overhead supply when buying returned. Its volume reached $1.04 billion, nearly three-quarters of its market cap and 319% above the previous 24-hour period. Hyperliquid’s HYPE touched $77.87 and traded near $76.85, just above its June 16 record high of around $76.87, after President Trump's comment at a Wednesday White House meeting that the CFTC (U.S. derivatives regulator) is working to bring the exchange to the U.S. in a fully compliant manner. Other gainers included CRV, FET, PENGU, PUMP, PEPE and Bitcoin Cash, although BCH volume fell 10%. Bitcoin dominance slipped 0.1% to 59.8%, while CoinMarketCap’s altcoin season index fell to 33/100 from 51/100 last week, suggesting the rally is being driven by identifiable catalysts rather than a broad-based altcoin season.