EX DeFi offers XRP holders a cloud mining alternative as ETF inflows sustain institutional interest amid market volatility.

Cumulative net inflows into XRP ETF have hit a record high of $1.566 billion; however, the price of XRP has not surged in tandem. Instead, it has experienced a pullback, further fueling investor caution.

Historically, sustained inflows into XRP ETF have tended to bolster market sentiment. Yet, as of August 26, XRP ETF saw a single-day inflow of $23.87 million, a significant increase, while the price of XRP actually fell. This phenomenon highlights a supply-demand imbalance in the spot market and dampens institutional interest in entering the space.

With the XRP price pulling back, more investors are considering a practical question: rather than simply waiting for the price to rise, are there more flexible ways to utilize their holdings and generate additional long-term returns?

Against this backdrop, some investors are turning to the EX DeFi cloud mining platform, exploring income-generating avenues beyond mere asset holding. Cloud mining offers a way to earn returns on digital assets that is distinct from price-based speculation, even amidst short-term price volatility.

What exactly is driving XRP price fluctuations?

Current price movements are influenced not only by ETF capital flows but also significantly by on-chain activity.

After a prolonged 20-month slump, the XRP market is gradually regaining momentum. Unlike the relatively passive and orderly nature of ETF inflows, XRP recent surge of over 40% shows signs of active engagement by major market participants.

Prior to the recent rapid price rally, wallet addresses holding between 1 million and 10 million XRP showed clear accumulation patterns, collectively purchasing nearly 500 million tokens. Some analysts believe this massive accumulation by “whales” provided crucial support for the rebound, helping XRP break free from a downtrend that had persisted for 608 days.

Consequently, XRP current price trajectory cannot be explained solely by ETF inflows. A combination of factors, including ETF capital, whale activity, on-chain transactions, and overall market sentiment, likely shapes XRP’s future price performance. 

XRP price volatility makes EX DeFi cloud mining platforms an alternative.

As market volatility intensifies, an increasing number of investors are seeking ways to engage with digital assets that go beyond simple price speculation. EX DeFi offers sustainable energy-based cloud mining solutions, providing investors with a compliant and structured pathway to participate in the XRP ecosystem.

Through cloud mining, users can participate in the operation of blockchain infrastructure and earn returns based on established rules, creating a cash-flow-oriented investment model without the need to configure specialized mining hardware or possess complex technical expertise.

Compared to traditional mining, cloud mining reduces the burden on users regarding hardware procurement, power supply, equipment maintenance, and daily operations. The platform handles hashrate management and related operations, while users participate in mining and track their earnings via an automated system.

About EX DeFi

Founded in 2021 and headquartered in the UK, EX DeFi operates in accordance with relevant European regulatory frameworks, including the Markets in Crypto-Assets Regulation (MiCA) and the Markets in Financial Instruments Directive II (MiFID II). The platform continuously enhances its transparency, operational standards, and user protection mechanisms.

Regarding security and compliance, the platform employs measures such as:

• Annual financial and security audits conducted by PwC
• Insurance coverage for custodied digital assets provided by Lloyd’s of London
• Utilization of enterprise-grade security solutions from Cloudflare and McAfee®
• Implementation of multi-layer encryption architecture, 24/7 monitoring, and real-time risk management mechanisms

Currently, EX DeFi supports a wide range of mainstream crypto assets, including XRP, BTC, ETH, USDT, BNB, ADA, USDC, DOGE, LTC, and SOL, offering users greater flexibility in how they engage with digital assets.

Start cloud mining in just three steps

Step 1: Register an Account

Sign up for a free account on the official EX DeFi platform using an email address. New users receive a $17 trial bonus.

Step 2: Select a mining package

Choose a suitable cloud mining contract based on budget, desired participation period, and specific needs, then launch the mining service with a single click.

Step 3: Start earning returns

Once the contract is activated, the system automatically allocates hashrate, and earnings are credited to the account daily. Users can withdraw or reinvest these earnings at any time.

Cloud mining contract examples

BTC (Beginner Trial Contract): Investment $100, Duration: 2 days, Daily Return: $4, Total Profit: $100 + $8

DOGE (Golden Shell Mini-Doge Pro): Investment $500, Duration: 6 days, Daily Return: $6.5, Total Profit: $500 + $39

BTC (Canaan-Avalon-A1466): Investment $1,000, Duration: 10 days, Daily Return: $13.4, Total Profit: $1,000 + $134

LTC (Bitmain Antminer L7): Investment $5,000, Duration: 20 days, Daily Return: $73.5, Total Profit: $5,000 + $1,470

BTC (Bitmain S19K-Pro): Investment $10,000, Duration: 30 days, Daily Return: $161, Total Profit: $10,000 + $4,830

For more contract details, please visit the official EX DeFi website.

Conclusion

Continued capital inflows into XRP ETFs indicate that institutional investors remain highly interested in XRP; however, growth in ETF funds does not guarantee a simultaneous rise in the XRP price. The market is currently influenced by multiple factors, including “whale” activity, on-chain capital flows, and overall sentiment in the cryptocurrency market.

For long-term XRP investors, beyond monitoring price fluctuations and ETF capital flows, EX DeFi offers a professional cloud mining infrastructure that provides regulated, secure, and sustainable access to the XRP ecosystem, laying a solid foundation for long-term wealth accumulation.

Ethena has proposed directing 95% of net revenue from its branded businesses toward ENA buybacks once USDe supply reaches $7.5 billion, as the protocol also moves to end monthly investor unlocks and separate ecosystem economics from Ethena Labs equity.

According to the Ethena Foundation, the proposed changes are designed to address two long-running issues around ENA: recurring supply from early investor unlocks and uncertainty over how the protocol’s economic value reaches token holders.

The overhaul combines changes to the token’s supply schedule with a proposed fee switch that could create recurring market purchases of ENA. It also sets out a planned agreement under which most of the intellectual property and economic benefits tied to the Ethena protocol would sit with the foundation and ecosystem rather than shareholders in Ethena Labs.

ENA reacted sharply to the announcement, rising about 23% over the past 24 hours to around $0.17. The token has roughly doubled in a little more than a week, extending gains recorded during the latest crypto market rally.

ENA buybacks could receive 95% of net revenue

Under the governance proposal, ENA holders are voting on a fee switch that would link token purchases to the size of USDe’s circulating supply.

Once USDe reaches the first threshold of $7.5 billion, 95% of net revenue generated by Ethena-branded businesses would be allocated to programmatic ENA purchases. The remaining 5% would be retained to fund ecosystem growth.

Buybacks would then increase as USDe circulation reaches additional milestones, creating a mechanism through which growth in Ethena’s businesses could translate into demand for ENA.

The proposal addresses a question that has followed governance tokens across decentralized finance: whether revenue generated by a protocol ultimately produces economic benefits for the token itself. In Ethena’s case, the proposed structure would use revenue for open-market ENA demand rather than leaving the connection dependent mainly on governance rights or expectations of future utility.

The idea is not Ethena’s first use of token repurchases. In August 2025, crypto.news reported on ENA buybacks when a $260 million program was allocating about $5 million per day toward token purchases as USDe supply and protocol revenue climbed.

The latest proposal differs by tying purchases to recurring net revenue and predetermined USDe supply thresholds rather than relying only on a fixed pool of capital.

Ethena moves to remove the ENA unlock overhang

Alongside the revenue proposal, the Ethena Foundation said it had purchased the remaining locked tokens belonging to certain large seed investors that had been selling ENA during the previous nine months.

Remaining original investor allocations will also be unlocked on an accelerated schedule, bringing the monthly release of venture investor tokens to an end. Tokens allocated to the Ethena team will continue under their existing vesting schedules.

Ending the monthly investor releases changes when the remaining supply enters circulation rather than removing those tokens entirely. The foundation’s purchase of locked allocations from some seed investors, however, removes those holdings from investors who had previously been selling ENA.

Token unlocks have affected ENA trading before. In June 2025, an unlock of roughly 41 million ENA, worth more than $12 million at the time, produced only a limited market reaction, with the token falling about 1% during the day.

More recently, the supply picture has become important as ENA’s institutional ownership has expanded. Grayscale Investments added ENA to its Decentralized Finance Fund during its first-quarter 2026 rebalance, selling other fund components to finance the purchase.

Another source of U.S. market exposure arrived in June when StablecoinX completed its merger with TLGY Acquisition Corp. and began trading on Nasdaq under the ticker USDE. The company held about 3.029 billion ENA, valued at roughly $275 million using the 30-day average price cited around the transaction, giving public-market investors exposure to a business built around the Ethena ecosystem.

Ethena seeks clearer ownership of protocol economics

A separate part of the overhaul deals with the relationship between Ethena Labs, the foundation and ENA holders.

Under an agreement in principle described by the foundation, substantially all material intellectual property and economic upside associated with the Ethena protocol would belong to the foundation and ecosystem rather than holders of equity in Ethena Labs.

The parties expect to publish the agreement in October.

Formalizing that division could clarify which economic interests belong to shareholders in the development company and which remain with the token-governed ecosystem. The foundation presented the arrangement alongside the buyback proposal and investor unlock changes rather than as a standalone corporate restructuring.

Institutional involvement in ENA has increased during 2026. Coinbase Ventures bought ENA on the open market in June rather than receiving tokens through a discounted private allocation, while Coinbase and Ethena announced plans to develop onchain finance and savings products.

As previously covered in June, Ethena did not disclose the number of ENA tokens Coinbase Ventures purchased, its average acquisition price, or wallet addresses associated with the transaction.

A first product from the relationship arrived later that month when Coinbase introduced a high-yield USDC vault using Morpho infrastructure and allocations curated by Steakhouse Financial. The product included Ethena-related assets in its collateral structure and allowed users to access the vault through Coinbase’s application.

USDe supply remains far below its peak

While ENA has rallied, Ethena is still working to rebuild demand for USDe after a steep contraction from its 2025 highs.

USDe supply has fallen below $5 billion from a peak of nearly $15 billion in October. The decline followed weaker conditions in crypto derivatives markets, where funding rates form an important part of the strategy Ethena uses to generate returns.

USDe differs from reserve-backed stablecoins because Ethena uses collateral alongside derivatives positions to maintain its dollar exposure. Returns available from that structure can therefore change as derivatives funding conditions move.

During the previous expansion, USDe had reached $11.7 billion in supply by August 2025, while Ethena reported more than $500 million in cumulative gross interest revenue. Weekly protocol revenue was $13.4 million at the time, alongside $670 million of USDe mints.

By June 2026, however, the decline in USDe supply was already visible as Ethena pursued institutional distribution and new uses for its capital.

One route has been traditional asset management. Janus Henderson invested in ENA in June and began exploring ways to use USDe for treasury management and to distribute it through investment products. The asset manager oversaw roughly $480 billion at the time of the agreement.

Ethena also planned a $250 million allocation to Securitize’s tokenized AAA-rated collateralized loan obligation fund when the product expanded to Solana in June. The fund invests in U.S. dollar-denominated AAA-rated CLO tranches, with BNY serving as custodian and sub-adviser. The planned allocation provided another route for Ethena capital into traditional credit markets.

Institutional access expanded again later in June when BlackRock integrated USDe into its Aladdin investment and risk-management platform. The Aladdin integration gave institutions using the system access to USDe through existing workflows, while the announcement was accompanied by plans for a $100 million liquidity facility connected to BlackRock’s tokenized BUIDL money-market fund.

New credit facility reduces reliance on crypto funding rates

Ethena added another source of potential yield in August through a $1 billion facility with institutional crypto prime broker FalconX.

Announced on Aug. 19, the warehouse facility allows assets backing USDe to be deployed into overcollateralized institutional loans. The arrangement gives Ethena a source of returns outside the crypto derivatives funding-rate trades that have historically formed a central part of USDe’s yield model.

The announcement also contributed to ENA’s recent price strength. Days after the FalconX deal, ENA had climbed 48% as several altcoins outperformed Bitcoin, although CoinDesk reported that market-wide measures did not yet indicate a general altcoin season.

Meanwhile, Coinbase has already provided a U.S.-facing distribution channel for Ethena-linked products. Its high-yield USDC vault launched in June through Morpho and Steakhouse Financial, with Ethena-related assets included in the collateral framework. The Coinbase vault is accessible from the exchange’s consumer application, while the underlying lending activity runs through onchain infrastructure.

Janus Henderson’s involvement has added another institutional route. Along with investing in ENA, the asset manager has explored USDe distribution through investment products, according to the June announcement.

Zcash is being positioned by Grayscale as a potential long-term challenger to Bitcoin’s dominance—less because of day-to-day price action and more due to a structural advantage: transaction privacy. In a new research piece, Grayscale argues that as AI systems become increasingly capable of analyzing large-scale data, the ability to keep financial activity private could grow in importance, potentially translating into renewed demand for privacy-focused networks.

The firm’s thesis centers on what it calls “second mover advantages” for Zcash—an angle Grayscale says prior alternatives such as Litecoin have not managed to capitalize on. At the same time, Grayscale cautions that Bitcoin’s liquidity and entrenched network effects remain formidable barriers, and it characterizes Zcash as a high-risk investment where returns could be volatile.

Key takeaways

• Grayscale’s report frames Zcash’s privacy features as potentially more valuable as AI improves at detecting patterns in financial data.
• The firm argues Zcash may benefit from “second mover advantages” that help it compete against Bitcoin’s network effects—unlike some earlier challengers.
• ZEC has reportedly surged nearly 19-fold over the past year, yet still represents less than 1% of Bitcoin’s market capitalization, implying remaining upside if adoption expands.
• Despite the bullish case, Grayscale stresses Zcash’s returns could be uneven and that Bitcoin’s liquidity remains a major structural advantage.
• Institutional participation in the Zcash ecosystem is also growing, highlighted by Cypherpunk Technologies’ expanded mining operations.

Why Grayscale thinks AI makes privacy more valuable

Grayscale’s research emphasizes that financial privacy isn’t only about ideology or compliance preferences—it could become an operational necessity in a world where AI can extract insights from transaction-related data at scale. According to Grayscale, Zcash’s ability to shield transaction information could help users reduce exposure to surveillance through pattern analysis.

The core of the argument is that improved AI capabilities may raise the cost of openness in financial activity. If AI can better correlate signals across markets, addresses, and counterparties, privacy becomes not merely a feature but a defense against unwanted inference. In that framing, Zcash’s approach to protecting transaction details becomes the differentiator investors may increasingly underwrite.

Network effects and the gap versus Bitcoin

Grayscale also grounds its case in market structure. The report acknowledges that Bitcoin remains difficult to displace, citing both its liquidity and its entrenched network effects. Those advantages, Grayscale suggests, explain why many alternatives struggle to convert technical differentiation into lasting market share.

Still, the firm points to the scale mismatch between Zcash and Bitcoin as a reason to watch the asset. Grayscale cites ZEC’s roughly 19-fold increase over the past year, while noting that Zcash’s market valuation remains under 1% of Bitcoin’s market capitalization. The implication is that even if Zcash captures only a small portion of Bitcoin’s network value, the upside could be substantial—but not without risk.

Grayscale’s own projection (presented in the report’s materials) suggests Zcash could be worth more than $4,000 if its market capitalization reached 5% of Bitcoin’s—an illustrative benchmark rather than a guaranteed outcome. The firm’s stance is that the “defense” provided by Bitcoin’s liquidity could limit Zcash’s speed of adoption, but that the relative valuation gap leaves room for change if narrative and usage converge.

Institutional activity: Cypherpunk expands Zcash mining

The Grayscale thesis is also supported, at least indirectly, by growing institutional interest in Zcash-related infrastructure. Earlier coverage from Cointelegraph reported that Cypherpunk Technologies—an enterprise privacy technology firm listed on Nasdaq—expanded its Zcash exposure by acquiring a mining fleet from Winklevoss Capital in a $33.33 million equity-based transaction.

Cointelegraph reported that the mining operation is already online across US facilities and is producing about 4.2 GSol/s of Equihash hashrate, roughly 18% of the Zcash network’s total computing power. Cypherpunk said the transaction makes its mining arm the network’s largest active fleet.

This matters because mining scale can influence a network’s security profile and operational maturity, both of which institutional participants often weigh when allocating resources. While mining activity does not automatically translate into sustained market share, it can signal increased commitment to the ecosystem and may improve the reliability of network participation during periods of volatility.

What remains uncertain for Zcash

Grayscale’s report contains an important counterweight: Zcash is described as a high-risk investment, and any further upside could be volatile and uneven. Even if AI-driven concerns around surveillance strengthen demand for privacy coins, the path from narrative to lasting market valuation is rarely smooth—especially when competing against Bitcoin’s liquidity advantage.

For readers, the key question is whether privacy demand will translate into consistent usage and broader allocation beyond short-term enthusiasm. The next signals to watch are whether Zcash’s ecosystem continues to attract sustained capital—both from infrastructure providers and market participants—and whether the market continues to assign increasing value to privacy as AI capabilities grow.