What to know:
- Ethena adds Kraken Custody to strengthen USDe’s institutional infrastructure, joining Copper, Ceffu, and Anchorage.
- ENA is forming a bullish falling wedge, suggesting weakening selling pressure near the $0.23 support zone.
- Key ENA upside targets sit at $0.32, $0.37, and $0.44, with extended recovery levels at $0.60 and $0.80.
The Ethena team has chosen Kraken Custody as a new custody provider of backing assets to solidify the structure around its synthetic dollar, USDe. The addition also onboards another regulated, institutional-grade member into Ethena’s network of partners, which already includes Copper, Ceffu, and Anchorage Digital Bank, further spreading custodial risk across various platforms.
Ethena has selected @krakenfx as a custody partner for USDe backing assets.
Kraken Custody joins Copper, Ceffu, and Anchorage Digital Bank. pic.twitter.com/i43NFSZpzz
— Ethena Labs (@ethena_labs) January 6, 2026
By scaling its custody network, Ethena is able to facilitate security, transparency, and resilience in the continued adoption of USDe within both DeFi and centralized markets. Kraken Custody brings experience in compliant digital asset safekeeping to help further Ethena’s long-term strategy of meeting institutional standards while reinforcing confidence in how USDe’s reserves are managed.
ENA Falling Wedge Signals Potential Trend Reversal
However, the crypto analyst, Captain Faibik, highlighted that Ethena seems to be reaching a key technical juncture as price action continues to contract within a long-standing falling wedge pattern, a structure largely considered by traders as a bullish reversal setup. Following weeks of supply-controlled downside pressure, the narrowing structure indicates that selling momentum is weakening and should set the stage for a potential upside breakout in the near term.
Source: X…