Why is Ethena Price Rallying 8% Today Despite $1.2B Crypto Market Crash?

Ethena ENA $0.44 24h volatility: 9.2% Market cap: $3.15 B Vol. 24h: $641.98 M price rose 8% to $0.44 on October 17, making it one of the few digital assets trading in green amid a widespread crypto market crash. ENA’s performance stood out as cascading market liquidation saw Bitcoin BTC $106 486 24h volatility: 1.7% Market cap: $2.12 T Vol. 24h: $97.08 B and Ethereum ETH $3 831 24h volatility: 1.2% Market cap: $462.47 B Vol. 24h: $54.00 B briefly cede key support levels at $104,000 and $3,700 respectively, on Friday.

Why is ENA’s Price Up Today?

Notably, Ethena’s native stablecoin USDe, which temporarily lost its peg to the US dollar during the record-setting $19 billion liquidation event on Oct. 10. At the time, USDe traded as low as $0.65 on Binance, triggering a sharp 50% correction in ENA price from $0.56 to $0.34.

Following the de-peg event, Ethena declared a clean bill of health with an on-chain proof of reserves update, before founder Guy Young clarified that Binance’s oracle used internal order book data with lean liquidity instead of an external feed, causing a temporary mispricing.

Binance promptly acknowledged the anomaly, before announcing a $400 million fund on Tuesday, to reimburse user losses.

As Binance’s $400 million “Together Initiative” eases investor anxiety, USDe also notably maintained its peg through the $1.2 billion market liquidations in the last 24 hours.

Ethena Extends Stablecoin Service to Conduit After Binance Mishap

October 17, Ethena announced a major expansion of its Stablecoin-as-a-Service (SaaS) product suite to Conduit, a leading rollup deployment platform powering over 60 Ethereum-based networks. According to Ethena’s official X post, the new integration will allow projects using Conduit’s infrastructure to launch their own native stablecoins leveraging Ethena’s collateralized architecture.

Ethena's Stablecoin-as-a-Service stack is now available on @conduitxyz

Conduit powers 55% of chains on Ethereum with $4B+ TVL across 60+ mainnet deployments, powering teams from DeFi to RWAs to consumer apps

With this integration, chains building with Conduit can now access… pic.twitter.com/xMf6BvwYY3

— Ethena Labs (@ethena_labs) October 17, 2025

Conduit currently supports 55% of Ethereum’s active rollups, managing over $4 billion in total value locked (TVL) across decentralized finance (DeFi), real-world assets (RWAs), and consumer-focused applications.

At press time, Ethena’s market capitalization stands at $3.14 billion, ranking it among the top 50 crypto by valuation on Coinmarketcap. Trading volume surged 60.5% to $627.9 million, reflecting renewed interest among large investors as the USDe de-peg concerns ease.

next

The post Why is Ethena Price Rallying 8% Today Despite $1.2B Crypto Market Crash? appeared first on Coinspeaker.