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What could affect the price of ENA?

Ethena’s price is currently caught between exciting new features and a shaky market environment.

  1. Restaking Growth – ENA’s new Symbiotic restaking offers 30x rewards, which could increase demand if more people use it.
  2. Stablecoin Rivalry – USDe leads with $12 billion in supply but faces competition from coins like USDH.
  3. Whale Activity – Big investors have mixed bets, signaling possible price swings.

Deep Dive

1. Restaking Utility Expansion (Positive Outlook)

What’s happening: In June 2025, Ethena upgraded its system to allow ENA holders to “restake” their coins through Symbiotic. This means users can earn 30 times the usual daily rewards and may qualify for future bonuses like LayerZero airdrops. This upgrade supports Ethena’s plan to launch its own blockchain, where restaked ENA will help secure decentralized finance (DeFi) apps, including lending platforms.

Why it matters: More staking means fewer coins available for trading, which can increase demand. Plus, projects building on Ethena will need to use restaked ENA, creating ongoing demand. However, there’s a 7-day waiting period to withdraw staked coins, which could limit quick access to funds.

2. USDe’s Market Position (Mixed Impact)

What’s happening: USDe is the third-largest stablecoin with $12.18 billion in supply. It offers an attractive 11% annual yield by using strategies involving Ethereum and Bitcoin. However, competitors like Hyperliquid’s USDH and improvements to MakerDAO’s DAI stablecoin are challenging USDe’s position.

Why it matters: USDe’s growth supports Ethena because it activates ENA’s fee-switch mechanism in September 2025, potentially increasing ENA’s value. But USDe’s price dropped to $0.65 during a market crash in October, showing it can be unstable. Maintaining strong monthly inflows of over $4 billion is essential for USDe’s success.

3. Market Sentiment & Whale Activity (Neutral to Bearish)

What’s happening: ENA’s price has been closely following Bitcoin’s movements recently, with a correlation of 0.89, during a time when the market is cautious (Fear & Greed Index at 30). Ethena’s founder, Guy Young, bought $20 million worth of ENA after the crash, but large investors (“whales”) have mixed positions—some betting $25 million against Bitcoin while holding $21 million in ENA.

Why it matters: The market is highly leveraged, increasing the risk of sudden price moves. ENA’s Relative Strength Index (RSI) is at 45, indicating some room to recover, but technical signals warn of a possible drop to $0.42 support.

Conclusion

ENA’s future depends on whether the benefits from restaking and ecosystem growth can outweigh competition from stablecoins and broader market challenges. USDe’s reserves are now 98% backed by BlackRock’s BUIDL fund (Ethena Labs), which could help counter negative trends. The key question is whether recent $1.74 million inflows into exchanges will lead to selling pressure or boost liquidity and price stability.


What are people saying about ENA?

The Ethena (ENA) community is divided between hopes for a price breakout and concerns about liquidity. Here’s what’s trending right now:

  1. Big investors (whales) are making large bets amid recent market ups and downs
  2. The founder’s $20 million purchase is boosting positive sentiment
  3. Stablecoin risks remain despite USDe showing signs of recovery

Deep Dive

1. @genius_sirenBSC: Whale Activity Heats Up 🐋

"Whales are making $250 million in long and short bets on ENA – some see the recent dip as a buying opportunity, while others are betting against BTC and ETH pairs."
– @genius_sirenBSC (210k followers · 1.2M impressions · 2025-10-20 05:03 UTC)
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What this means: Big investors are sending mixed signals, showing uncertainty about ENA’s short-term direction after its 50% drop in October.

2. @CryptoMobese: Technical Analysis Points to Possible Breakout 🎯

"ENA has been trading between $0.41 and $0.47 – a move above $0.475 could spark a 27% rally to $0.60."
– @CryptoMobese (89k followers · 580k impressions · 2025-09-08 19:12 UTC)
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What this means: Traders watching price charts see $0.60 as a key level. However, momentum indicators suggest the price might be stretched.

3. @Ethena_Labs: Founder’s Big Buy Shows Confidence 💪

"Guy Young, the founder, bought 48 million ENA tokens worth $20 million through multisig wallets – the largest insider purchase since April 2024."
– @Ethena_Labs (Official · 330k followers · 2.7M impressions · 2025-10-19 00:00 UTC)
View original post
What this means: This is a strong sign of confidence from the founder, though some investors are cautious given recent stablecoin issues with USDe.

Conclusion

The overall outlook on ENA is cautiously optimistic. Positive factors include the founder’s commitment and promising technical signals. However, concerns about broader market risks and stablecoin stability remain. Keep an eye on the $0.475 resistance level this week—breaking above it could confirm a recovery, while failing might raise fresh doubts about USDe’s $12 billion collateral model.

Also, watch how ENA’s price moves in relation to Bitcoin’s dominance (currently 59.15%)—this could hint at whether broader market shifts, like changes in trade policies, might speed up crypto’s risk-taking mood.


What is the latest news about ENA?

Ethena is gaining momentum thanks to strong support from its founder and steady demand for stablecoins, but large investors (whales) remain uncertain. Here are the key updates:

  1. Founder Buys $20M ENA (October 19, 2025) – The founder’s purchase offsets some bearish bets in the market.
  2. Trump Tariff Talks Boost ENA (October 19, 2025) – News about tariffs sparked an 18% price jump during the day.
  3. Stablecoin Service Expands to Conduit (October 17, 2025) – Ethena upgraded its infrastructure to support Ethereum’s rollup ecosystem.

Deep Dive

1. Founder Buys $20M ENA (October 19, 2025)

What happened: A wallet connected to Ethena’s founder bought 48 million ENA tokens, worth about $20.4 million, over three days from Binance and Bybit exchanges. This happened even though ENA’s price had dropped 32% over the past month, showing the founder believes the token is undervalued.
Why it matters: This is a positive sign for ENA. Historically, when founders buy their own tokens, prices tend to bounce back — for example, a 27% price increase happened after a previous purchase. However, at the same time, some traders were betting against ENA by opening $1.74 million in short positions, indicating some doubt about the price staying strong.
(Onchain Lens)

2. Trump Tariff Talks Boost ENA (October 19, 2025)

What happened: ENA’s price jumped 18% to $0.45 after former President Trump suggested speeding up 100% tariffs on Chinese goods. This news caused investors to take more risks, benefiting cryptocurrencies like ENA. The price hit resistance at $0.4740, meaning it struggled to go higher, but technical indicators showed strong momentum.
Why it matters: This is a cautiously positive sign. The tariff news temporarily improved investor sentiment, but ENA is still in a downward trend overall. Key price levels to watch are $0.425 (support) and $0.475 (resistance), which could influence short-term price swings.
(AMBCrypto)

3. Stablecoin Service Expands to Conduit (October 17, 2025)

What happened: Ethena integrated its Stablecoin-as-a-Service platform with Conduit, a major platform that supports 55% of Ethereum’s active rollups, managing $4 billion in total value locked (TVL). This allows other projects to create compliant stablecoins using Ethena’s secure collateral system.
Why it matters: This is a strong long-term positive for ENA. It broadens the token’s use beyond just its own stablecoin (USDe) and strengthens its role in Ethereum’s growing infrastructure. The price rose 8% on the announcement day, but bigger gains will depend on how many developers adopt the service.
(Binance News)

Conclusion

Ethena is balancing strong founder support and expanding technology with market uncertainties and cautious traders. While upgrades and whale buying suggest potential for growth, ENA’s ability to break above $0.50 depends on stablecoin adoption outpacing overall market fears. The big question remains: will Conduit’s integration help ENA move independently from Bitcoin’s influence?


What is expected in the development of ENA?

Ethena is moving forward with key developments:

  1. Converge Blockchain Launch (2026) – A new blockchain focused on tokenized assets, increasing the use of ENA tokens.
  2. Fee Switch Activation (Q4 2025) – Sharing protocol revenue with ENA holders after Binance lists USDe.
  3. Restaking Expansion (Ongoing) – ENA holders can secure cross-chain transfers and earn rewards through partnerships with Symbiotic and LayerZero.

In-Depth Look

1. Converge Blockchain Launch (2026)

What’s happening: Ethena is creating its own blockchain called Converge, designed for large-scale, institutional tokenized assets (CoinMarketCap). ENA will be the main token used for governance decisions and paying transaction fees. This blockchain will support financial services like loans with less collateral and on-chain prime brokerage.
Why it matters: This could increase demand for ENA tokens as more people use the network. However, there’s a chance of delays or competition from established blockchains like Ethereum and Solana.

2. Fee Switch Activation (Q4 2025)

What’s happening: After Binance lists USDe in September 2025, Ethena will start sharing some of its revenue (expected to be over $500 million) with ENA token holders who stake their tokens (Coinspeaker). This ties ENA’s value directly to the platform’s success.
Why it matters: This should encourage long-term holding and help stabilize ENA’s price. On the downside, if revenue growth slows due to market ups and downs, it could hurt token value.

3. Restaking Expansion (Ongoing)

What’s happening: ENA holders can “restake” their tokens through Symbiotic to help secure cross-chain transfers of USDe, earning rewards from Ethena, LayerZero, and Mellow (Ethena Labs). Currently, over $450 million worth of ENA is locked in these staking pools.
Why it matters: This adds new ways to use ENA and supports wider adoption. But it depends on the growth of LayerZero’s network, which could be a risk if that ecosystem doesn’t expand as expected.

Conclusion

Ethena’s roadmap focuses on growing how ENA is used (with the Converge blockchain), sharing revenue with token holders (fee switch), and strengthening security through restaking. Keep an eye on updates about Converge’s testnet and when the fee switch goes live. The big question is whether ENA’s role in securing multiple blockchains will outpace competitors like EigenLayer.


What updates are there in the ENA code base?

Ethena’s latest updates focus on improving governance, restaking options, and long-term commitment from token holders.

  1. Fee Switch Activation (September 2025) – After approval, protocol fees will be shared with ENA holders as rewards.
  2. Generalized Restaking (June 2025) – Enhances security for cross-chain transfers using Symbiotic and LayerZero technologies.
  3. Vesting Lock Requirements (June 2025) – New rule requires locking 50% of unvested ENA tokens from airdrops to qualify for rewards.

In-Depth Look

1. Fee Switch Activation (September 2025)

What it is: The Ethena Foundation plans to activate a “fee switch” that will share part of the protocol’s revenue with ENA token holders, once approved by governance. This will happen after certain milestones are met, like having over $6 billion in USDe supply and $250 million in total revenue.

How it works: A portion of fees collected from USDe transactions and yield strategies will be redirected to ENA stakers. This rewards those who hold ENA long-term and helps reduce selling pressure on the token.

Why it matters: This creates a steady income stream for ENA holders, making the token more valuable and useful. (Source)

2. Generalized Restaking (June 2025)

What it is: Ethena introduced a restaking feature for ENA and sUSDe tokens using Symbiotic, which secures cross-chain transfers through LayerZero’s DVN network.

How it works: When you stake ENA, it helps protect the USDe cross-chain system. In return, stakers earn rewards like up to 30 times ENA multipliers, Symbiotic points, and eligibility for future token airdrops.

Why it matters: This strengthens Ethena’s ecosystem security and gives token holders more ways to earn rewards, increasing the token’s appeal. (Source)

3. Vesting Lock Requirements (June 2025)

What it is: To claim ENA tokens from airdrops, users must now lock at least 50% of their unvested tokens by staking them or using Pendle’s PT-ENA or Symbiotic platforms.

How it works: This rule encourages long-term holding by preventing quick selling of airdropped tokens. Currently, over 450 million ENA tokens (about 6% of the circulating supply) are locked under this system.

Why it matters: By reducing the number of tokens available for immediate sale, this helps stabilize the price and promotes a stronger, more committed community. (Source)

Conclusion

Ethena’s recent updates focus on creating long-term value through governance, improving ecosystem security, and encouraging token holder commitment. With the upcoming fee switch set to share USDe’s growth benefits and restaking expanding token utility, ENA is moving beyond just being a speculative asset. The next big question is how the new Ethena Chain will integrate these features to reshape the future of synthetic assets.


Why did the price of ENA fall?

Ethena (ENA) dropped 9% in the last 24 hours, underperforming the overall crypto market, which rose by 0.83%. The main reasons include mixed activity from large investors (whales), technical resistance levels, and profit-taking after recent price gains.

  1. Whale short positions – Large investors are betting against ENA, creating selling pressure.
  2. Technical resistance – ENA struggles to rise above $0.4740 despite some positive momentum signals.
  3. Market-wide caution – Fear in the crypto market is causing investors to avoid riskier altcoins like ENA.

Deep Dive

1. Whale Activity: Bearish Bets & Profit-Taking (Negative Impact)

Overview:
Big investors deposited 30 million USDC into Hyperliquid to open a $75.5 million short position on Bitcoin and kept bearish bets on ENA, according to Yahoo Finance. Although wallets linked to Ethena’s founder bought 48 million ENA tokens (worth $20 million) earlier this week, data shows $14.78 million in liquidations of long positions compared to $4.95 million in short liquidations. This means traders who were betting on price increases are closing their positions.

What this means:
When large investors bet against Bitcoin and Ethereum, it often pulls down altcoins like ENA because their prices tend to move together. Additionally, after ENA’s 18% price jump following news about Trump’s tariffs on October 19, some investors took profits, adding to the selling pressure.

2. Technical Resistance at Key Level (Mixed Impact)

Overview:
ENA has hit a strong resistance level at $0.4740, which it has tried and failed to break six times since October 14. The 4-hour price chart shows a bearish MACD crossover (a technical indicator suggesting downward momentum), even though the RSI (Relative Strength Index) is at 45.39, indicating neutral momentum.

What this means:
Repeated failure to break above $0.4740 suggests buyers are not confident enough to push prices higher. If ENA falls below the support level at $0.425 (the low on October 19), it could drop further to around $0.38, which would be a 16% decline from the current price.

3. Crypto Market Sentiment Shift (Negative Impact)

Overview:
The crypto Fear & Greed Index, which measures market sentiment, fell to 30 (Extreme Fear) on October 20, down from a neutral 48 last month. Bitcoin’s dominance in the market increased to 59.1%, meaning investors are moving money out of altcoins like ENA and into Bitcoin.

What this means:
ENA’s 9% drop fits the pattern of altcoins underperforming Bitcoin, which only fell 0.8% in the same period. Riskier tokens like ENA tend to experience bigger sell-offs when investors become more cautious.

Conclusion

ENA’s recent price drop is due to a mix of selling by large investors, technical challenges at key price levels, and a general pullback in altcoins as the market becomes more risk-averse. Key levels to watch: Can ENA hold the $0.425 support, or will Bitcoin’s price movements push it lower? Keep an eye on the $0.4740 resistance and derivatives funding rates for clues on where ENA might head next.