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Why did the price of ENA fall?

Ethena (ENA) dropped 1.75% in the last 24 hours, falling to $0.70. This performance lagged behind the overall crypto market, which rose by 1.61%. The decline is mainly due to traders taking profits after recent price gains, hitting a technical resistance level at $0.70, and mixed feelings about new developments in Ethena’s ecosystem.

  1. Profit-Taking Pressure – Traders sold off their holdings near a key price point.
  2. Technical Resistance – ENA struggled to break above the $0.70 level.
  3. Ecosystem Uncertainty – Mixed reactions to Ethena’s plan to launch a USDH stablecoin on Hyperliquid.

Deep Dive

1. Profit-Taking Pressure (Negative Impact)

What happened: ENA’s price jumped 41.58% over the past two months before pulling back. On September 5, a large wallet moved 5 million ENA tokens (worth about $3.27 million) to Binance, likely to sell.

Why it matters: Short-term investors are cashing in on recent gains. ENA’s price is quite volatile, with a 12.6% volatility over 30 days. Trading volume dropped 7.58% to $516 million in the last day, showing less buying interest to balance out selling.

2. Technical Resistance at $0.70 (Negative Impact)

What happened: ENA hit strong resistance around $0.70, which corresponds to a key Fibonacci retracement level. Technical indicators like the MACD turned negative, and the 7-day RSI dropped to 42.14, signaling weakening buying strength.

Why it matters: The $0.70 price point is acting as a psychological barrier. If ENA falls below its 30-day moving average at $0.70, it could slide further toward $0.66, another important support level.

3. Ecosystem Uncertainty (Mixed Impact)

What happened: On September 14, validators started voting on Ethena’s proposal to issue USDH, a stablecoin backed by BlackRock, on the Hyperliquid platform. This partnership could increase ENA’s usefulness, but some worry about potential dilution from Ethena’s $150 million incentive program.

Why it matters: The vote’s outcome is uncertain, causing caution among investors. If the proposal is rejected, it could slow Ethena’s growth in decentralized trading. Approval might boost ENA’s price by introducing new revenue-sharing opportunities.

Conclusion

ENA’s recent price drop is a short-term pullback after testing a key resistance level. This move was influenced by profit-taking and uncertainty ahead of the Hyperliquid vote. Despite this, Ethena’s core fundamentals remain solid, with a USDe supply of $12.4 billion and $36 million in revenue over the past 30 days. The near-term outlook depends on whether ENA can hold above its 30-day moving average at $0.70 and gain clarity on the upcoming regulatory discussions scheduled for September 29.

Key watch: Will ENA maintain support at $0.70 and stabilize before the SEC/CFTC regulatory roundtable on September 29?


What could affect the price of ENA?

Ethena’s price depends largely on how widely its protocol is adopted, the success of its stablecoin, and upcoming regulatory decisions.

  1. USDH Stablecoin Bid (Positive/Mixed) – Winning Hyperliquid’s stablecoin bid could increase ENA’s use and value.
  2. Regulatory Changes (Mixed Impact) – Compliance with the GENIUS Act is positive, but broader stablecoin regulations could create challenges.
  3. Token Unlocks (Potential Downside) – Over $100 million worth of tokens unlocking in August 2025 might put downward pressure on prices.

In-Depth Look

1. USDH Stablecoin Bid & Ecosystem Growth (Positive/Mixed)

What’s Happening:
Ethena is competing to issue Hyperliquid’s USDH stablecoin. This opportunity offers validators 95% of the revenue and between $75 million and $150 million in incentives to switch over (Bitrue). Winning this bid would strengthen Ethena’s role in decentralized finance (DeFi) and increase the usefulness of ENA tokens in governance decisions. However, as of September 11, 2025, voting shows Native Markets leading with 30.78% compared to Ethena’s 8.26%, so the outcome is uncertain.

Why It Matters:
If Ethena wins, demand for ENA could rise due to revenue sharing and wider use of its stablecoin. If it loses, the project’s plans to expand across different blockchains might slow down. Still, Ethena’s existing $12.4 billion supply of USDe stablecoins (CoinEx) provides some stability.

2. Regulatory Compliance & Market Risks (Mixed)

What’s Happening:
Ethena’s USDtb stablecoin meets U.S. GENIUS Act standards through Anchorage Digital, which helps attract institutional investors (Coinspeaker). However, a joint SEC and CFTC meeting on September 29, 2025, could bring stricter rules for synthetic assets like USDe.

Why It Matters:
Following regulations could make Ethena more trustworthy and encourage growth. But sudden changes, like limits on yields, might slow down USDe’s expansion. The protocol’s $9.6 billion total value locked (TVL) (DeFiLlama) shows it’s strong, though risks remain if key collateral faces liquidity problems.

3. Token Unlocks & Large Holder Activity (Potential Downside/Neutral)

What’s Happening:
On August 5, 2025, 171.8 million ENA tokens worth over $100 million will become available, adding to the 41% of tokens already in circulation. Large holders, like Arthur Hayes who owns 7.76 million ENA (Arkham), have recently moved tokens to exchanges (for example, 5 million ENA to Binance on September 5, 2025), indicating possible selling.

Why It Matters:
This could lead to short-term selling pressure. However, Ethena’s $260 million buyback program (CoinJournal) might help reduce the impact. Watch for price movements—if ENA falls below $0.55 (a key support level), it could trigger further declines.

Conclusion

Ethena’s price is influenced by optimism around the USDH stablecoin bid, upcoming regulatory decisions, and potential selling from token unlocks. If ENA breaks above $0.70, it could aim for $0.96 resistance. But if it falls below $0.55, it might revisit lows seen in June.

Next Key Event: Keep an eye on the Hyperliquid validator vote on September 14, 2025, and whether ENA can stay above its 200-day moving average at $0.53.


What are people saying about ENA?

The Ethena (ENA) community is divided between hopeful optimism and concerns about large holders selling. Here’s the latest:

  1. Experts expect ENA to rise above $1.50 if it breaks past the $0.70 resistance level
  2. Large holders (whales) moved 250 million ENA tokens to exchanges, raising fears of a selloff
  3. The protocol is generating $53 million in weekly revenue as the stablecoin USDe sees rapid growth

In-Depth Look

1. @CryptoStreamHub: Strong fundamentals despite price swings

"ENA brought in $53 million in revenue last week—twice as much as Hyperliquid. The supply of USDe stablecoins grew 4.6 times to $12.4 billion with no price drops. Activating the fee-sharing feature could be a game-changer."
– @CryptoStreamHub (189K followers · 2.1M impressions · 2025-09-02 08:15 UTC)
View original post
What this means: This is good news for ENA. Consistent revenue and the stable performance of USDe support ENA’s role as a governance token. However, delays in sharing fees with token holders remain a potential risk.

2. @ali_charts: Large token transfers suggest caution

"80 million ENA tokens (worth $56 million) were sent to exchanges in the last two weeks—the biggest outflow since July’s token unlock events."
– @ali_charts (478K followers · 3.8M impressions · 2025-09-02 15:32 UTC)
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What this means: This could be a short-term negative sign because moving tokens to exchanges often leads to selling. However, some analysts believe it might be part of strategic repositioning by big holders.

3. @AIxVC_Axelrod: Growing interest from institutions

"StablecoinX’s upcoming Nasdaq listing might bring billions of dollars to ENA. The Converge blockchain’s focus on real-world assets fits well with Ethena’s custody partnerships with BlackRock and Anchorage."
– @AIxVC_Axelrod (86K followers · 920K impressions · 2025-08-06 13:30 UTC)
View original post
What this means: This is a mixed signal. Institutional interest could boost demand for ENA, but regulatory challenges around synthetic assets remain a significant obstacle.

Conclusion

Opinions on ENA are mixed. On one hand, the protocol shows strong growth and revenue; on the other, the recent increase in circulating supply by 41% since July calls for caution. The price range between $0.55 and $0.70 is critical—breaking above or below this range could set the tone for the rest of the year.


What is the latest news about ENA?

Ethena is making moves in decentralized finance (DeFi) by focusing on stablecoins and gaining traction on exchanges. Here’s a quick summary of the latest news:

  1. USDH Stablecoin Proposal (September 11, 2025) – Ethena aims to back Hyperliquid’s USDH stablecoin using BlackRock-supported collateral.
  2. BYDFi Listing Launch (September 9, 2025) – Ethena’s USDe stablecoin is now available for spot trading on BYDFi, increasing its accessibility.
  3. Altcoin Season Highlight (September 12, 2025) – ENA is recognized as a top choice for institutional investors during a shift toward compliance-focused assets.

In-Depth Look

1. USDH Stablecoin Proposal (September 11, 2025)

What’s happening:
Ethena Labs has proposed to issue the USDH stablecoin for Hyperliquid, backed one-to-one by BlackRock’s BUIDL tokenized money market fund through Anchorage Digital. The proposal includes incentives between $75 million and $150 million to encourage migration, offers 95% of revenue to Hyperliquid validators, and sets up a “guardian network” to oversee emergencies.

Why it matters:
This is a positive development for ENA because it combines strong institutional backing from BlackRock with DeFi incentives. If approved, USDH could become a key source of liquidity for Hyperliquid’s $400 billion monthly trading volume. This would strengthen ENA’s position as a bridge between traditional finance (TradFi) and decentralized finance. (Bitrue)

2. BYDFi Listing Launch (September 9, 2025)

What’s happening:
BYDFi has added Ethena’s USDe stablecoin for spot trading, allowing users to trade USDe against USDT. This comes after USDe’s supply grew by 75% in August 2025, making it the third-largest stablecoin with a $9.3 billion market cap.

Why it matters:
This is neutral for ENA in the short term but helps USDe reach more users, especially in Asian markets. Increased liquidity could boost Ethena’s synthetic dollar ecosystem, although it still faces strong competition from centralized stablecoins. (BYDFi)

3. Altcoin Season Highlight (September 12, 2025)

What’s happening:
CoinEx Research named ENA a top altcoin for institutional investment, noting its $12 billion USDe supply, over $500 million in annual revenue, and compliance with the GENIUS Act.

Why it matters:
This is a positive sign for ENA’s growth over the medium term. Institutional investors appreciate ENA’s revenue-sharing approach and regulatory compliance, placing it alongside major projects like Ethereum and Solana in investment discussions related to ETFs. (CoinEx)

Conclusion

Ethena is connecting DeFi yield strategies with institutional capital through innovative stablecoins and strategic exchange listings. With key decisions pending on the USDH proposal and growing momentum during altcoin season, ENA’s hybrid model could outperform traditional finance stablecoins.


What is expected in the development of ENA?

Ethena is moving forward with key developments:

  1. Ethena Chain Infrastructure (2024 Roadmap) – Creating decentralized finance (DeFi) apps and enhancing security across blockchains using restaked $ENA tokens.
  2. USDm Launch with MegaETH (September 15, 2025) – Introducing a low-cost stablecoin and improving the network for developers.
  3. HyperEVM sUSDe Integration (Until September 25, 2025) – Offering fixed-yield pools with a limited capacity to encourage early users.

In-Depth Look

1. Ethena Chain Infrastructure (2024 Roadmap)

What it is: Ethena plans to launch its own blockchain, called Ethena Chain, designed to support financial apps like automated market makers (AMMs), perpetual decentralized exchanges (DEXs), and loans that don’t require full collateral. The network will use USDe as its transaction fee token. To keep the network secure, users will “restake” their $ENA tokens, which helps protect important features like cross-chain transfers and data oracles (Ethena Docs).
Why it matters: This development could increase the value and usefulness of $ENA by making it essential for network security and fee payments. However, delays in launching the chain or challenges in getting users onboard could slow down price growth.

2. USDm Launch with MegaETH (September 15, 2025)

What it is: Ethena is partnering with MegaETH to launch USDm, a stablecoin designed to have very low transaction fees. This partnership aims to cut gas fees by about 40%, making it cheaper for users and developers to interact with the network (Tweet).
Why it matters: If USDm becomes popular, it could boost demand for $ENA. However, it will face stiff competition from well-known stablecoins like USDT and USDC, and there’s always a risk that the rollout might not go as planned.

3. HyperEVM sUSDe Integration (Until September 25, 2025)

What it is: Ethena’s sUSDe is a stablecoin that earns yield and is now available on HyperEVM with a $100 million cap. It offers attractive rewards—up to 30 times the usual rate—through a platform called Pendle. This special reward pool will close on September 25, encouraging users to join early (Pendle Announcement).
Why it matters: This creates strong short-term interest in sUSDe and $ENA because of the high rewards. After September 25, rewards will decrease, which might reduce activity temporarily.

Conclusion

Ethena’s roadmap is focused on making USDe more useful, lowering costs through partnerships, and integrating $ENA more deeply into the security of decentralized finance. While these efforts could drive wider adoption, success depends on timely delivery and competing effectively with other stablecoins. It will also be important to see how Ethena manages regulatory challenges as USDtb and USDm continue to develop.


What updates are there in the ENA code base?

Ethena’s recent updates focus on increasing the usefulness and security of its platform.

  1. Restaked ENA Integration (14 Days Ago) – Added cross-chain security using Symbiotic and LayerZero technologies.
  2. sENA Staking Rewards (3 Weeks Ago) – Improved rewards for users who hold their tokens long-term.
  3. Governance Expansion (1 Month Ago) – Created a Risk Committee to oversee important protocol decisions.

Deep Dive

1. Restaked ENA Integration (14 Days Ago)

Overview: Ethena partnered with Symbiotic to launch restaking pools that allow $ENA tokens to help secure USDe transfers across different blockchains using LayerZero’s decentralized verification network (DVN).

This means that when you stake $ENA, your tokens help protect the movement of USDe tokens between blockchains. This is part of Ethena’s plan to build its own blockchain, where restaked $ENA will support decentralized finance (DeFi) applications.

What this means: This is a positive development for ENA because it gives the token more real-world use beyond just voting on decisions. It ties the token’s value to network security and expands its role in DeFi across multiple blockchains. (Source)

2. sENA Staking Rewards (3 Weeks Ago)

Overview: If you stake ENA tokens (called sENA), you now earn rewards from unclaimed airdrops and future tokens from the Ethena ecosystem, similar to how Binance Coin (BNB) rewards holders.

This update encourages users to hold their tokens longer by giving sENA holders a share of unclaimed ENA from previous airdrops and 15% of future partner tokens like Ethereal.

What this means: In the short term, this change doesn’t drastically affect ENA’s price, but it’s positive for the long term. It discourages quick selling and aligns token holders with the platform’s growth. (Source)

3. Governance Expansion (1 Month Ago)

Overview: ENA token holders voted to add six new members to a Risk Committee, including groups like Llama Risk and Steakhouse Financial. This committee manages important decisions such as adding new assets like SOL to back USDe and allocating real-world assets to BlackRock’s BUIDL fund.

What this means: This change spreads out decision-making, making governance more decentralized. However, it also means relying on outside experts to manage risks, which balances out the impact on ENA’s value. (Source)

Conclusion

Ethena’s updates focus on improving security across blockchains, rewarding loyal users, and making governance more decentralized. While these changes boost ENA’s usefulness, it remains to be seen how well they will help Ethena compete as synthetic assets become more popular.