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Why did the price of ENA fall?

Ethena (ENA) dropped 1.76% in the last 24 hours but is still up 2.11% this week and 8.11% this month. Here’s what’s driving these moves:

  1. Technical Resistance Challenges – ENA couldn’t stay above the $0.75 level, a key technical point.
  2. Whale Profit-Taking – Large holders moved 80 million ENA tokens to exchanges over two weeks.
  3. Regulatory Uncertainty – A joint SEC/CFTC crypto meeting is scheduled for September 29, creating market caution.

Deep Dive

1. Technical Resistance Battle (Bearish Impact)

Overview: ENA is struggling to break past $0.75, which is an important technical level based on something called the Fibonacci retracement—a tool traders use to predict price movements. In August 2025, ENA tried twice to move above this level but failed, forming what’s known as a “double-top” pattern, which often signals a potential price drop.

What this means: The repeated failure to break $0.75 suggests buyers are losing strength. Indicators like the MACD (which measures momentum) show weakening upward movement, and the RSI (which measures if an asset is overbought or oversold) is neutral but leaning down.

What to watch: If ENA closes below $0.7045 (another key technical level), it could slide further toward support at $0.66.

2. Whale Accumulation Reversal (Mixed Impact)

Overview: Large holders of ENA—those with between 10 million and 1 billion tokens—have reduced their holdings by about 30% since August 5, according to data from Santiment. This includes notable sales like BitMEX co-founder Arthur Hayes selling $4.62 million worth of ENA.

What this means: Early investors are likely taking profits after ENA’s strong 140% price increase over the past 90 days. The amount of ENA being sent to exchanges has jumped to 80 million in the last two weeks, increasing the supply available to sell and putting downward pressure on the price.

3. Regulatory Event Positioning (Bearish Catalyst)

Overview: Traders are cautious ahead of a joint SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission) roundtable on crypto regulation scheduled for September 29. This meeting could affect Ethena’s USDtb stablecoin compliance.

What this means: Although Ethena’s partnership with Anchorage helps USDtb meet current regulatory standards (GENIUS Act-compliant), the market is pricing in the risk of stricter rules. This is reflected in crypto futures funding rates turning negative on September 14, indicating traders are hedging against price drops.

Conclusion

ENA’s recent price dip is mainly due to technical resistance and profit-taking ahead of regulatory uncertainty. Despite this, Ethena’s core metrics remain strong, with a total value locked (TVL) of $9.6 billion. The key level to watch is the $0.704 support—if it breaks during the SEC/CFTC event, ENA could test the 200-day exponential moving average (EMA) at $0.5227.


What could affect the price of ENA?

Ethena’s price depends on updates to its system, how much people buy and sell, and changes in government rules.

  1. More Ways to Use the Token – New features like restaking and the upcoming Ethena Chain could boost demand.
  2. Buyback Program – A $260 million plan to buy back tokens reduces supply, helping support the price.
  3. Regulatory Challenges – A government meeting on September 29 may affect how much stablecoins like sUSDe can earn.

Deep Dive

1. Protocol Upgrades & Staking Demand (Positive for Price)

Overview:
In June 2025, Ethena updated how its tokens work, allowing holders of Ethena (ENA) and sUSDe tokens to “restake” through a system called Symbiotic. This helps secure transfers across different blockchains and earns rewards called LayerZero/Mellow points. The Ethena Chain, expected between late 2024 and 2025, will use sUSDe as transaction fees (“gas”), which could make ENA more useful. As of September 2025, over 450 million ENA tokens (about 6.5% of all tokens) are locked up in staking contracts (Ethena Docs).

What this means:
When tokens are staked, they can’t be sold, which lowers selling pressure. Plus, staking offers higher rewards (up to 40 times more for sENA holders), encouraging people to hold their tokens. If the Ethena Chain becomes popular, ENA could be closely tied to network activity, similar to how Ethereum’s token works with gas fees.

2. Supply Shock from Buybacks (Positive for Price)

Overview:
StablecoinX, a major investor, set aside $260 million from a $360 million funding round to buy back ENA tokens over six weeks starting in July 2025. This buyback covers about 8% of the tokens available for trading. Data shows large holders (“whales”) increased their ENA holdings by 79.25 million tokens in August 2025 (CoinMarketCap Analysis).

What this means:
By buying back tokens, the program reduces the number of tokens available on the market, creating scarcity. This has historically led to price increases—for example, ENA’s price jumped 122% in July 2025 after the buyback was announced. However, for the price to stay high, there needs to be ongoing demand beyond the buyback.

3. Regulatory Risks to Yield Models (Negative for Price)

Overview:
The U.S. GENIUS Act limits interest payments on stablecoins, which threatens Ethena’s “Internet Bond” feature that offers an 11% yield on sUSDe. On September 29, the SEC and CFTC will hold a joint meeting to discuss crypto regulations, which could affect decentralized finance (DeFi) yield strategies (MEXC News).

What this means:
If regulators restrict these yields, Ethena’s appeal could weaken. On the other hand, if the rules are favorable, USDe might be seen as a safe alternative to government bonds, attracting more institutional investors.

Conclusion

ENA’s outlook depends on balancing new features that increase demand with uncertain government regulations. Key events to watch are the Ethena Chain launch in Q4 2024 and the September 29 regulatory meeting. These could cause price swings. Will stricter rules push users away from sUSDe, or can Ethena adapt to keep its competitive yields?


What are people saying about ENA?

The Ethena (ENA) community is divided between excitement over a potential price breakout and concerns about profit-taking. Here’s what’s trending right now:

  1. Technical analysis suggests ENA could reach $1.50 if it breaks through the $0.70 resistance level.
  2. Whale activity is mixed – one major buyer purchased 2 million ENA tokens, but 80 million tokens have also been moved to exchanges, increasing selling pressure.
  3. USDe stablecoin supply surged to $12.4 billion, sparking discussions about the risks of synthetic stablecoins.
  4. Delays in implementing a fee switch are testing investor patience, despite hype around a $530 million token buyback.

Deep Dive

1. @CobakOfficial: USDe’s rapid growth boosts optimism for ENA 🚀

"USDe supply doubled to $12.4 billion in just 30 days, making it the third-largest stablecoin. Positive regulatory changes could help push ENA’s price to $1.50, but risks tied to synthetic stablecoins remain."
– @CobakOfficial (189K followers · 2.1M impressions · 2025-08-11 03:25 UTC)
View original post
What this means: This is good news for ENA holders since regulatory support favors USDe, which generates yield. However, synthetic stablecoins like USDe carry inherent risks that could increase price swings.

2. @ali_charts: Large token movements hint at market uncertainty 🐳

"80 million ENA tokens (worth about $59 million) were transferred to exchanges over two weeks – the largest open interest since July. The price is holding above $0.60 for now."
– @ali_charts (327K followers · 4.8M impressions · 2025-09-02 15:32 UTC)
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What this means: If these tokens are sold, it could put downward pressure on ENA’s price. But since the price is still holding support, it suggests some investors are accumulating rather than selling.

3. @CryptoStreamHub: Balancing strong fundamentals with growing impatience 🔥

"$53 million in weekly revenue (double that of Hyperliquid) and a Nasdaq listing for StablecoinX are positives. However, delays in activating the fee switch are frustrating holders who want to see more token utility."
– @CryptoStreamHub (86K followers · 920K impressions · 2025-09-02 08:15 UTC)
View original post
What this means: While ENA’s revenue growth and partnerships are promising, delays in protocol upgrades could slow momentum and test investor patience.

Conclusion

The overall outlook for ENA is optimistic but cautious. Technical indicators and the growing adoption of USDe suggest potential price gains. However, large token transfers to exchanges and the risks associated with synthetic assets could create volatility. Keep an eye on the $0.70 resistance level and the upcoming fee switch expected in Q4 for clearer direction. As one trader put it: “ENA’s coiled – break $0.75 and we’re talking altseason fireworks.” 🧨


What is the latest news about ENA?

Ethena is gaining attention from big investors and regulatory discussions, but some technical signs suggest caution. Here’s the latest update:

  1. Whale AndreIsBack Tops Ethena Leaderboard (September 2, 2025) – Invested 170 ETH in Ethena’s WLFI Genesis Sale, currently holding $585K in unrealized gains.
  2. Arthur Hayes’ ENA Holdings Disclosed (September 10, 2025) – BitMEX co-founder owns 7.76 million ENA tokens valued at $3.73 million, showing strong institutional interest.
  3. SEC and CFTC Hold Crypto Regulation Roundtable (September 29, 2025) – A joint meeting aimed at creating clear U.S. rules for stablecoins like Ethena’s USDe.

Deep Dive

1. Whale AndreIsBack Tops Ethena Leaderboard (September 2, 2025)

Overview: A major investor known as AndreIsBack contributed 170 ETH (about $580,000) to Ethena’s WLFI Genesis Sale, receiving 38.71 million WLFI tokens. This whale controls $41.69 million in crypto assets and leads Ethena’s Season 3 Leaderboard with 1.28 trillion points, representing 3.57% of rewards.
What this means: The involvement of such a large investor highlights Ethena’s appeal to big players in decentralized finance (DeFi). However, some tokens are unlocked and could be sold, which might put downward pressure on the price. (BlockBeats)

2. Arthur Hayes’ ENA Holdings Disclosed (September 10, 2025)

Overview: Arthur Hayes, co-founder of BitMEX, holds 7.76 million ENA tokens worth $3.73 million, along with other Ethereum and DeFi assets. His estimated net worth ranges between $200 million and $400 million, closely tied to crypto market cycles. Hayes has publicly praised Ethena, calling it “foundational for DeFi’s next cycle.”
What this means: Hayes’ backing could boost interest from everyday investors. However, some of his wallets are unverified, which means if he decides to sell large amounts, it could cause price swings. (Arkham)

3. SEC and CFTC Hold Crypto Regulation Roundtable (September 29, 2025)

Overview: The U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) held a joint roundtable to align crypto regulations, focusing on stablecoins like Ethena’s USDe. SEC Chair Paul Atkins emphasized the importance of allowing “freedom to trade spot crypto assets” while maintaining regulatory compliance.
What this means: Clearer rules could help legitimize USDe’s interest-earning model. However, some proposed laws, like the GENIUS Act, still restrict interest-bearing stablecoins, which could limit growth. (MEXC)

Conclusion

Ethena is navigating strong interest from large investors and ongoing regulatory uncertainty. With USDe’s market cap exceeding $10 billion, the upcoming SEC/CFTC discussions could either open the door for more institutional investment or impose tighter rules on synthetic stablecoins. The outcome will be key for Ethena’s future growth.


What is expected in the development of ENA?

Ethena’s roadmap is focused on growing its use cases and connecting more deeply with other platforms.

  1. HyperEVM Integration (September 25, 2025) – Launching sUSDe pools with 30x rewards through Pendle.
  2. Ethena Chain Development (2026) – Creating decentralized finance (DeFi) apps that use USDe as the main transaction fee token.
  3. Regulatory Compliance Efforts (2025–2026) – Working to make USDtb a stablecoin that meets U.S. regulations under the GENIUS Act.
  4. Fee Switch Launch (2026) – Sharing protocol revenue with ENA token holders who stake their tokens.

In-Depth Look

1. HyperEVM Integration (September 25, 2025)

What’s happening: Ethena will open sUSDe pools on the HyperEVM platform, with a $100 million limit. These pools offer fixed returns and connect closely with Pendle’s ecosystem, which has already seen success on other blockchains (Pendle).
Why it matters: This move should increase demand for ENA by providing more ways to earn rewards and attracting more funds. However, there’s competition for investment and some dependence on Pendle’s technology.

2. Ethena Chain Development (2026)

What’s happening: Ethena plans to build its own blockchain to host financial apps like loans without full collateral and perpetual decentralized exchanges (DEXs). USDe will be the native token used to pay transaction fees. ENA tokens will be restaked to help secure cross-chain transfers and data oracles (Ethena Docs).
Why it matters: This is a longer-term project that could boost Ethena’s ecosystem if developers build on it successfully. There are risks related to smart contract security and adoption.

3. Regulatory Compliance Efforts (2025–2026)

What’s happening: Ethena is partnering with Anchorage Digital to make USDtb one of the first synthetic stablecoins compliant with U.S. regulations under the GENIUS Act (News).
Why it matters: This could open doors for institutional investors but also brings challenges in meeting regulatory requirements.

4. Fee Switch Launch (2026)

What’s happening: Ethena plans to share a portion of its protocol fees—potentially from over $290 million in annual fees—with ENA token holders who stake their tokens. This is similar to models used by tokens like BNB (Analysis).
Why it matters: If successful, this will directly increase ENA’s value by linking it to the platform’s revenue. Delays or low returns could hurt investor confidence.

Conclusion

Ethena’s roadmap combines innovation in decentralized finance (through HyperEVM and its own blockchain) with a focus on regulatory compliance and improving token utility. The upcoming $100 million HyperEVM launch and fee-sharing plan are key near-term events, while the Ethena Chain is a more ambitious, longer-term goal.

The big question: Can ENA’s restaking model and yield potential overcome regulatory challenges and drive growth?


What updates are there in the ENA code base?

Ethena’s development is focused on increasing the usefulness of $ENA through governance, staking, and securing cross-chain transactions.

  1. Generalized Restaking Integration (June 26, 2025) – Enhances security for USDe transfers across different blockchains using LayerZero technology.
  2. sENA Staking Rewards (September 7, 2025) – Staked ENA (sENA) now earns rewards from ecosystem airdrops and unclaimed tokens.
  3. Vesting Lock Enforcement (June 17, 2025) – Requires users to lock 50% of their unvested ENA tokens to keep them.

Deep Dive

1. Generalized Restaking Integration (June 26, 2025)

Overview: Ethena added a feature called restaking for $ENA and $sUSDe tokens through a platform called Symbiotic. This helps secure USDe transfers between different blockchains using LayerZero’s DVN network.

This means that when you stake $ENA, your tokens help protect cross-chain transactions, reducing the need to rely on more volatile assets like Ethereum (ETH). Plus, the system uses $sUSDe’s stable returns to provide rewards without causing inflation, making it more sustainable.

What this means: This is good news for ENA holders because it directly links the token’s value to the security of the network, encouraging people to hold their tokens longer. (Source)

2. sENA Staking Rewards (September 7, 2025)

Overview: If you stake your ENA tokens (turning them into sENA), you now earn rewards from unclaimed airdrops and future token distributions within the Ethena ecosystem.

Holders of sENA get a share (15%) of potential future tokens from Ethereal and can benefit from restaking yields. This is similar to how Binance Coin (BNB) rewards stakers through affiliated projects.

What this means: This update is neutral for ENA’s price—it rewards loyal holders but could increase selling if short-term holders decide to unstake. (Source)

3. Vesting Lock Enforcement (June 17, 2025)

Overview: When users claim vested ENA tokens, they must lock at least 50% of their unvested tokens by staking them or using specific pools like Pendle’s PT-ENA or Symbiotic.

This rule is designed to discourage “mercenary capital” — investors who quickly sell tokens — by redistributing unvested tokens from inactive wallets to active community members. It aligns incentives to support long-term growth.

What this means: This is positive for ENA because it reduces the number of tokens available for quick sale and encourages behavior that supports the protocol’s success. (Source)

Conclusion

Ethena’s recent updates make $ENA more important for governance, security, and ecosystem development, focusing on rewarding long-term holders rather than short-term traders. With new cross-chain security and staking features now active, the key question is whether the increased utility will balance out any price swings caused by token unlocks.