Why did the price of ENA go up?
Ethena (ENA) increased by 8.09% in the last 24 hours, standing out against the overall cryptocurrency market, which dropped by 2.26%. The main reasons for this rise are:
- Conduit Integration – Ethena launched its stablecoin service on a major payment platform called Conduit.
- Technical Rebound – Indicators suggest a possible shift in momentum after being oversold.
- Buyback Activity – ENA is part of a large token buyback trend in 2025, though it’s behind some top performers.
Deep Dive
1. Conduit Partnership (Positive Impact)
Ethena Labs introduced its Ethena Whitelabel stablecoin system on Conduit on October 17. This allows over half of Ethereum-based blockchains to create compliant stablecoins easily. Conduit manages over $4 billion in assets across more than 60 blockchains, which means Ethena’s stablecoin, USDe, can grow quickly and be used in many places.
This partnership broadens Ethena’s use beyond decentralized finance (DeFi) into areas like international payments and institutional finance. As more people use USDe, Ethena could earn more fees and see increased staking activity, which may raise the value of ENA tokens.
Keep an eye on how many chains adopt this system and how much USDe is issued after the integration.
2. Technical Rebound (Mixed Impact)
Technical indicators show that ENA’s Relative Strength Index (RSI) moved from 29 to 34.79 in 24 hours, moving out of the “oversold” zone, which often signals a potential price increase. The MACD indicator suggests that the downward momentum is slowing, and the price has moved above the 7-day simple moving average (SMA) of $0.4208.
This could encourage short-term traders to buy, but there is resistance at the 30-day SMA of $0.5626, which might limit gains. Trading volume increased by 54% to $626 million, indicating strong interest behind the price bounce.
3. Buyback Context (Neutral Impact)
In 2025, there has been a $1.4 billion wave of token buybacks, with ENA ranking 6th in this activity. However, it lags behind leaders like Hyperliquid, which spent $645 million. Ethena’s foundation bought back $260 million worth of tokens in July, helping reduce selling pressure.
While buybacks support the token by creating scarcity, they are not the main reason for the recent price increase. ENA’s price has still dropped 37% over the past 30 days, showing that broader market challenges are affecting it.
Conclusion
ENA’s recent price rise is driven by its expansion through the Conduit partnership, positive technical signals, and ongoing buyback efforts. However, the token is still 61% below its highest price in 2025, and overall market fear (Crypto Market Cap Fear Index at 28) remains a risk.
Key point to watch: Can ENA stay above $0.45, which is its 200-day SMA, to confirm a potential trend reversal?
What could affect the price of ENA?
Ethena’s price is caught between exciting new features and a shaky market environment.
- Fee Switch Activation – $260 million in buybacks could make ENA tokens scarcer, but the timing is still uncertain.
- USDe Adoption Risks – The $12.6 billion stablecoin USDe faces concerns about liquidity on the Aave platform.
- Whale Activity – Arthur Hayes made a $3.7 million bet on ENA, while Mirana Ventures sold $21 million worth, showing mixed signals.
Deep Dive
1. Protocol Revenue Capture (Positive but Uncertain)
Overview:
Ethena plans to activate a fee switch that would use 30% of its monthly revenue (about $54 million as of September 2025) to buy back ENA tokens. Since only 14% of ENA tokens are currently staked as sENA, this could create a strong incentive for holders, with an estimated annual yield of 34% (Ethena Docs). However, the activation is delayed because governance approval is still pending, even though the Risk Committee is ready (Binance News).
What this means:
The price could rise if the fee switch goes live, as it would reduce the circulating supply by about 8% per year at current USDe levels. But delays might slow down momentum, especially since competitors like USDt hold 69% of the stablecoin market.
2. Stablecoin Contagion Risks (Negative)
Overview:
USDe, a $12.6 billion stablecoin, has $4.7 billion tied up in Aave, a lending platform. Over half of this collateral is reused across different lending markets, which can create risk. Experts at Chaos Labs warn that if borrowers start selling off assets quickly, it could cause liquidity problems (Blockworks). Still, USDe managed to keep its value stable during a major $19 billion liquidation event in October, showing some resilience.
What this means:
Ethena’s model passed its first big test, but because it relies heavily on DeFi platforms like Aave, ENA could be vulnerable if the whole sector experiences a drop in total value locked (TVL). It’s important to watch Aave’s loan-to-value ratios and how much USDe is being redeemed.
3. Whale Activity (Mixed Signals)
Overview:
Arthur Hayes, a well-known crypto figure, holds 7.76 million ENA tokens worth $3.7 million and supports long-term holding. On the other hand, Mirana Ventures sold 72 million ENA tokens (about $21 million) after a lockup period ended. Meanwhile, StablecoinX is buying $5 million worth of ENA daily, which accounts for 2.5% of daily trading volume (CoinJournal).
What this means:
Retail investors are watching to see if buybacks and long-term holders can outweigh large sales by whales. A recent unlock of 171 million tokens (2.7% of supply) caused some selling pressure, but 42% of tokens remain locked until 2026.
Conclusion
ENA’s future depends on successfully rolling out revenue-sharing while managing risks in the DeFi space. The price may stay between $0.30 and $0.45 until the fee switch activates or USDe’s TVL grows beyond $15 billion. For traders, the key question is: Can buybacks keep up with the 17 million ENA tokens unlocking each month? Keep an eye on the sENA staking ratio—if it rises above 25%, it would show strong confidence from token holders.
What are people saying about ENA?
The Ethena (ENA) community is divided. Some traders are optimistic, targeting a price of $1.50, while others are cautious, watching for large holders selling off. Here’s the latest:
- Technical analysts see a bullish pattern called a double bottom
- Growing revenue and stablecoin use are positive signs
- Large amounts of ENA moving to exchanges raise concerns
Deep Dive
1. Weekly chart shows a bullish double bottom pattern
Crypto analyst @Kingpincrypto12 notes:
"The 1-week chart shows a double bottom pattern with a strong support level at $0.55. The monthly candle suggests a possible price reversal. This is a good time to consider buying."
View original post
What this means: If ENA stays above $0.55, traders expect the price to rise, with potential targets at $0.88 and $1.50.
2. Revenue growth and stablecoin adoption boost confidence
According to @CryptoStreamHub:
"Ethena’s weekly revenue reached $53 million, doubling that of Hyperliquid. The supply of USDe stablecoin hit $12.4 billion with no price drops. A new fee system could increase ENA’s value."
View original post
What this means: The protocol is showing strong growth and increasing use, which is positive. However, the full impact depends on upcoming changes to how fees are shared.
3. Large amounts of ENA moved to exchanges, signaling caution
Market watcher @ali_charts reports:
"Over 80 million ENA tokens (worth $34 million+) were transferred to exchanges in two weeks—the largest since July’s price rally. This could lead to selling pressure around the $0.70 price level."
View original post
What this means: Similar moves in July led to a 17% price drop. This suggests there may be increased selling soon, which could push prices down.
Conclusion
The outlook for Ethena is mixed. Positive technical signals and strong fundamentals are balanced by risks from large holders selling. The $530 million buyback program started on September 6, 2025, helps support the price floor. The $0.70 level is a key resistance point—breaking above it could confirm a bullish trend, while failing to do so might lead to a retest of $0.55. Keep an eye on how much ENA is moving in and out of exchanges this week to gauge buying or selling pressure.
What is the latest news about ENA?
Ethena is navigating a challenging market by forming strategic partnerships and boosting token buybacks. Here are the key updates:
- Stablecoin-as-a-Service Launch (October 17, 2025) – Ethena expands its reach by integrating with Conduit’s $4 billion+ ecosystem, enabling cross-chain use.
- $1.4 Billion Buyback Wave Participation (October 17, 2025) – ENA ranks among the top projects buying back tokens in 2025, highlighting a focus on reducing supply.
- MegaETH Integration (October 16, 2025) – Ethena partners with Chainlink to support real-time decentralized finance (DeFi) derivatives.
In-Depth Look
1. Stablecoin-as-a-Service Launch (October 17, 2025)
What Happened: Ethena Labs introduced its Ethena Whitelabel stablecoin platform on Conduit, a payment network that supports over half of Ethereum-based blockchains. This means any blockchain built on Conduit can launch its own stablecoin backed by Ethena during its mainnet launch. Conduit manages over $4 billion in total value locked (TVL) across more than 60 blockchains, focusing on decentralized finance (DeFi), real-world assets, and consumer applications.
Why It Matters: This move is positive for ENA’s growth because it increases the use of Ethena’s stablecoin, USDe, across different blockchain networks. More integration could lead to higher demand for ENA tokens, which are used for governance and sharing fees within the network. (Binance)
2. $1.4 Billion Buyback Wave Participation (October 17, 2025)
What Happened: According to CoinGecko, crypto projects spent a total of $1.4 billion on buying back their tokens in 2025. Ethena (ENA) ranked sixth, spending $138 million since July to repurchase about 3% of its total token supply. The biggest spenders were Hyperliquid ($645 million) and LayerZero ($150 million). Buybacks increased in the second half of 2025, driven by project profits and more mature decentralized autonomous organizations (DAOs).
Why It Matters: This is somewhat positive for ENA. Buying back tokens reduces the number of tokens available on the market, which can help support the token’s value. However, ENA’s buyback amount is smaller compared to the top projects, indicating there might be room for more aggressive strategies to manage its treasury. (Yahoo Finance)
3. MegaETH Integration (October 16, 2025)
What Happened: Chainlink launched its real-time Data Streams oracle on MegaETH, an Ethereum Layer 2 network capable of processing 100,000 transactions per second. This allows for ultra-fast pricing updates for financial products like derivatives. Ethena’s USDm stablecoin, built on MegaETH, will help cover transaction fees for applications that require very low latency, such as perpetual contracts.
Why It Matters: This is a strong positive for ENA’s role in fast-paced DeFi markets. MegaETH is gaining attention from institutional players, like the Euphoria derivatives platform, which recently raised $7.5 million. This could increase demand for stablecoins backed by ENA. (The Block)
Conclusion
Ethena is focusing on building strong infrastructure partnerships with platforms like Conduit and MegaETH while using token buybacks to help stabilize its value. By enhancing cross-chain compatibility and supporting real-time DeFi applications, Ethena’s USDe stablecoin is becoming an important liquidity tool. However, ongoing regulatory scrutiny around synthetic stablecoins could impact this growth.
What is expected in the development of ENA?
Ethena is making progress with these key milestones:
- Ethena Chain Launch (2024 Roadmap) – Creating financial apps that use USDe as the gas token.
- Restaking Expansion (Q4 2025) – Growing security features for cross-chain connections.
- Liquidity Partnerships (Ongoing) – Strengthening ties with Pendle, Aave, and Coinbase.
In-Depth Look
1. Ethena Chain Launch (2024 Roadmap)
Overview:
The Ethena Chain, outlined in the 2024 roadmap, will support decentralized finance (DeFi) apps like perpetual decentralized exchanges (DEXs) and undercollateralized loans. It will use USDe as the main gas token to pay for transactions. The network will rely on restaked $ENA tokens to secure important parts of the system, such as oracles (which provide external data) and bridges that connect different blockchains.
What this means:
This is positive for ENA because it increases the token’s usefulness beyond just voting rights. It links demand for ENA to network security and transaction volume. However, any delays or technical challenges in launching the chain could slow down adoption.
2. Restaking Expansion (Q4 2025)
Overview:
Ethena plans to expand its restaking system in partnership with Symbiotic and LayerZero. This will help secure more cross-chain transfers and LayerZero’s Decentralized Verification Networks (DVNs). The first staking pools launched in June 2025, and capacity is expected to grow as more users seek stable returns with USDe (source).
What this means:
This is somewhat positive – restaking adds value to $ENA by increasing its use cases. But risks like penalties for bad behavior (slashing) or low adoption of validation services could impact the token’s value.
3. Liquidity Partnerships (Ongoing)
Overview:
Ethena has recently partnered with Pendle (offering fixed-yield pools for sUSDe) and Coinbase International (for USDe hedging). Aave’s “Liquid Leverage” and Hyperliquid’s USDH bid also help bring USDe deeper into decentralized finance (source).
What this means:
This is positive because these partnerships increase USDe’s use and liquidity, which can indirectly raise ENA’s importance in governance and fee sharing. However, relying on third-party platforms introduces some risk if those platforms face issues.
Conclusion
Ethena’s roadmap is focused on growing USDe’s role through new infrastructure (Ethena Chain), stronger security (restaking), and expanding its ecosystem with partnerships. These steps could strengthen its place in synthetic dollar markets. Still, challenges like execution risks and regulatory concerns remain. It’s also important to watch how ENA’s token economics support long-term holders as more tokens become available over time.
What updates are there in the ENA code base?
Ethena has recently enhanced the use of its token, ENA, by adding new features for restaking and improving governance.
- Restaking Module Integration (June 26, 2025) – ENA now helps secure cross-chain transfers of USDe through partnerships with Symbiotic and LayerZero.
- Vesting Lock Enforcement (June 17, 2025) – Users must lock unvested ENA tokens to prevent them from being redistributed, encouraging long-term holding.
Deep Dive
1. Restaking Module Integration (June 26, 2025)
What’s new: ENA holders can now “restake” their tokens using Symbiotic to help secure cross-chain transfers of USDe, a synthetic dollar, by leveraging LayerZero’s decentralized verification networks (DVNs). This means ENA tokens are now used as collateral to verify transactions across different blockchains, which adds an extra layer of security to Ethena’s growing ecosystem.
This setup reduces the need to rely on more volatile cryptocurrencies like Ethereum (ETH). In return, those who stake their ENA tokens earn rewards such as Ethena points, Symbiotic incentives, and possible future airdrops from LayerZero partners. This move supports Ethena’s plan to develop new financial services, like loans that don’t require full collateral, on its upcoming blockchain.
Why it matters: This is a positive development for ENA because it increases the token’s usefulness by linking it to securing important cross-chain transactions. As USDe becomes more widely used, demand for ENA could grow. (Source)
2. Vesting Lock Enforcement (June 17, 2025)
What’s new: Users who receive vested ENA tokens, such as from airdrops, are now required to lock at least 50% of those tokens by staking them in Ethena’s pools, Pendle’s yield tokens, or Symbiotic pools. If they don’t comply, their unvested tokens can be taken away and given to users who follow the rules.
This policy is designed to discourage quick selling by short-term holders and encourage people to stay invested longer. Currently, over 450 million ENA tokens (about 6% of the circulating supply) are already locked in these staking pools.
Why it matters: This change is generally positive for ENA because it helps reduce selling pressure from people who might otherwise sell their tokens quickly. However, its success depends on users continuing to participate in these locking programs. (Source)
Conclusion
Ethena is making ENA more useful by adding restaking options and enforcing token locks, strengthening its role in governance and security for the USDe synthetic dollar system. With USDe’s supply approaching $10 billion, it will be interesting to see how ENA’s growing responsibilities affect its value, especially in a market known for volatility.