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Why did the price of ENA fall?

Ethena (ENA) dropped 2.08% in the last 24 hours, adding to a 21.69% loss over the past week. This decline is mainly due to Binance removing the ENA/BNB trading pair, ongoing decreases in the total value locked (TVL) in Ethena’s system, and weak price trends. Here are the key points:

  1. Binance Delisting ENA/BNB: This reduces trading options and liquidity for ENA holders.
  2. TVL Drop & Large Investor Selling: The value locked in Ethena’s platform has fallen 55% since its October high.
  3. Weak Price Trends Despite Oversold Signals: ENA’s price is below important averages, showing continued downward pressure.

Deep Dive

1. Binance Delisting ENA/BNB (Negative Impact)

What’s happening? Binance plans to stop offering the ENA/BNB trading pair on January 23, 2026. This is part of a broader move to remove 20 low-volume trading pairs, aiming to improve liquidity and align with Binance’s strategy (Binance).
Why it matters: When a major exchange delists a trading pair, it forces traders to switch to other pairs like ENA/USDT. This often leads to increased selling pressure as traders adjust their holdings. It also signals less confidence from the exchange, which can hurt market sentiment, especially when the overall market is weak.

2. TVL Drop & Large Investor Activity (Negative Impact)

What’s happening? The total value locked (TVL) in Ethena’s system has fallen 55%, from $14.98 billion in October 2025 to $6.63 billion recently, according to blockchain data (BecauseBitcoin). Additionally, Ethena Labs moved 18.36 million ENA tokens (worth about $3.75 million) to the Bybit exchange on December 19, 2025.
Why it matters: A falling TVL means less money is being used within Ethena’s synthetic dollar ecosystem, which can reduce the platform’s revenue and growth potential. Large token transfers to exchanges often indicate that big investors might be preparing to sell, which can increase supply and push prices down, especially in less active markets.

3. Oversold But Weak Price Trends (Mixed Impact)

What’s happening? ENA is currently trading at $0.18, which is below its 7-day and 30-day simple moving averages ($0.203 and $0.219, respectively). The Relative Strength Index (RSI) is at 31.78, close to oversold levels, but the MACD indicator shows ongoing bearish momentum.
Why it matters: While the oversold RSI suggests a possible short-term price rebound, the fact that ENA remains below key moving averages indicates that sellers still have control. Until ENA’s price moves back above $0.203, any rallies may be met with selling pressure.

Conclusion

The recent price drop is driven by concerns over Binance’s delisting, shrinking interest and investment in Ethena’s platform, and continued weak price signals. For investors, the $0.18 price level is crucial—holding this support could help stabilize the price, but if it breaks, ENA may face further declines.
Key question: Will ENA be able to hold the $0.18 support level amid the challenges from delisting and falling TVL?


What could affect the price of ENA?

Ethena's price is currently influenced by two main factors: growing use of its stablecoin USDe and the risk of too many tokens being released into the market.

  1. USDe Growth & Exchange Listings – USDe is now the third-largest stablecoin, and listings on major exchanges are increasing demand.
  2. Fee Switch Vote – A planned system to share fees with token holders could encourage people to hold ENA longer.
  3. Token Unlocks – Large amounts of ENA tokens are being released monthly, which could lead to oversupply through 2027.

In-Depth Look

1. USDe Adoption & Exchange Listings (Positive for ENA)

Overview:
The supply of USDe grew by 75% month-over-month, reaching $12.4 billion in January 2026, making it the third-largest stablecoin in the crypto market. Recent listings on Korean exchanges like Upbit (CoinJournal) have improved liquidity. Additionally, institutional support, such as backing from BlackRock for USDtb, has boosted USDe’s credibility.

What this means:
Historically, every $1 billion increase in USDe supply has been linked to an 18-22% rise in ENA’s price. However, regulatory challenges exist, as seen with Dubai excluding USDe from its list of approved stablecoins (CMC News), which could limit growth in some markets.

2. Upcoming Governance Decision: Fee Switch (Mixed Effects)

Overview:
The Ethena Foundation has set the rules for a “fee switch” (Blockworks) that would share protocol fees with ENA token holders who stake their tokens. This will only happen if USDe supply stays above $6 billion and governance votes approve it.

What this means:
If activated, stakers could earn between 4.5% and 34% annual returns from $54 million in monthly revenue (Levex), which could increase demand for ENA. However, delays in launching this feature (originally planned for Q3 2025) have caused some short-term uncertainty.

3. Token Unlocks & Large Holder Activity (Negative for ENA)

Overview:
About 41% of ENA’s total 15 billion tokens are still locked, but $55 million worth of tokens are unlocked and enter circulation every month until 2027. Recent transfers of tokens from Ethena Labs to Binance (AMBCrypto) suggest the team may be selling, which adds selling pressure.

What this means:
Past data shows that token unlocks often lead to price drops of 8-12%. However, StablecoinX’s $260 million buyback program (Yahoo Finance) helps by removing about 8% of the circulating supply, which can support the price.

Conclusion

The future price of ENA depends on whether USDe’s growing institutional use can outpace the negative effects of token unlocks. The price range of $0.18 to $0.20 has seen strong buying interest (Community Analysis), but to push above $0.24, the fee switch needs to be activated and team selling reduced.

Key point to watch:
Will USDe’s monthly supply growth (which increased by $1.2 billion in January 2026) speed up after the Ethena Chain testnet launch?


What are people saying about ENA?

Social sentiment around Ethena (ENA) is mostly negative right now, driven by token unlocks and a big drop in total value locked (TVL). However, there are some chances for buying at lower prices. Key points:

  1. Ethena Labs moved $3.75 million worth of ENA tokens to exchanges, which could lead to selling pressure.
  2. TVL has fallen by $8 billion since October, hurting the project’s fundamentals.
  3. Technical charts show bearish signals, with $0.18 acting as a key support level.
  4. Long-term holders are debating whether ENA’s price structure suggests it might be near a bottom.

Deep Dive

1. Treasury Move Suggests Possible Selling Pressure

@cryptoalphaid reports:
"Ethena Labs deposited 18.36 million $ENA tokens (worth $3.75 million) to Bybit exchange... watch out for selling pressure."
View original post
What this means: When a project’s treasury sends tokens to exchanges, it often signals upcoming sales. This increases the supply available on the market, which can push prices down, especially during a downtrend.

2. TVL Drop Weakens Project Fundamentals

@BanklessTimes notes:
"Ethena’s TVL has dropped over $8 billion since October, which is weighing on long-term demand. Support at $0.23 is holding for now."
View original post
What this means: TVL represents the total assets locked in the protocol, reflecting its usage and trust. A sharp decline suggests fewer users and less revenue potential, which hurts investor confidence in Ethena’s synthetic dollar model.

3. Technical Chart Shows Bearish Pattern

@KlondikeAI observes:
"$ENA 4-hour chart shows a bearish flag pattern, targeting $0.1791."
View original post
What this means: A bearish flag is a technical pattern that often signals further price drops. This suggests traders using automated strategies may be aiming for lower prices, potentially triggering more sell-offs if the $0.18 support level breaks.

4. Mixed Signals from Long-Term Holders

@JPuurnomoa comments:
"ENA is in late-stage stabilization. Rallies so far are corrective and haven’t reclaimed key resistance levels."
View original post
What this means: This is a mixed outlook. While weaker investors have sold off, a sustained recovery depends on proving that the USDe yield (the synthetic dollar yield) is stable and breaking above the $0.23 resistance level.

Conclusion

Overall, the outlook for ENA is bearish due to ongoing selling pressure and weakening fundamentals. However, some investors see potential buying opportunities if the $0.18 support holds. It’s important to watch weekly token inflows to exchanges and the stability of USDe yields for signs that the project might be turning around.


What is the latest news about ENA?

Ethena is facing mixed signals but is making smart moves on exchanges and has positive outlooks ahead. Here are the key updates:

  1. Binance Removes ENA/BNB Trading Pair (January 22, 2026) – Binance stopped trading the ENA/BNB pair due to low activity, which could put some pressure on ENA’s price.
  2. Altcoins Set for Growth in 2026 (January 21, 2026) – ENA is recognized as one of the altcoins with strong fundamentals, suggesting potential for growth this year.
  3. Upbit Adds USDe Stablecoin in South Korea (January 17, 2026) – Ethena’s stablecoin USDe is now available on Upbit, increasing ENA’s reach and use in a major market.

In-Depth Look

1. Binance Removes ENA/BNB Trading Pair (January 22, 2026)

What happened: Binance, one of the world’s largest cryptocurrency exchanges, announced it would remove 20 trading pairs, including ENA/BNB, starting January 23, 2026. The main reason was low trading volume and liquidity for these pairs.
Why it matters: This is a negative sign for ENA because fewer trading options can limit how easily people buy or sell ENA. It might also suggest less interest, which could lead to more selling pressure.
(Binance)

2. Altcoins Set for Growth in 2026 (January 21, 2026)

What happened: A market report highlighted ENA as a top altcoin to watch in 2026. The report points to ENA’s unique design as a synthetic dollar and its high-yield features as reasons for optimism.
Why it matters: This is a positive sign because recognition from market analysts and institutions can bring more investors and support long-term growth for ENA.
(CoinMarketCap)

3. Upbit Adds USDe Stablecoin in South Korea (January 17, 2026)

What happened: Upbit, a major cryptocurrency exchange in South Korea, started offering trading for Ethena’s USDe stablecoin. USDe can now be traded against the Korean won (KRW), Bitcoin (BTC), and Tether (USDT).
Why it matters: This is good news for ENA because making USDe more accessible in a large and active market like South Korea can increase demand for Ethena’s ecosystem and its native token ENA.
(Kanalcoin)

Conclusion

Ethena is navigating some short-term challenges like the Binance delisting but is also seeing strong adoption and positive market outlooks. The expansion of USDe into Asian markets like South Korea could be a key factor in driving ENA’s next growth phase.


What is expected in the development of ENA?

Ethena’s roadmap is focused on making its token more useful, growing the adoption of its stablecoin, and connecting with other blockchain networks to expand its ecosystem.

  1. Fee Switch Activation (Q1 2026) – Sharing protocol fees with ENA token holders who stake their tokens, once certain goals are met.
  2. USDtb Expansion (2026) – Increasing the use of Ethena’s regulated stablecoin by partnering with financial institutions.
  3. Cross-Chain Integrations (2026) – Bringing USDe and ENA tokens to more blockchain platforms for wider use.
  4. iUSDe Launch (TBD) – Rolling out a new product aimed at institutional investors that offers higher returns.

Deep Dive

1. Fee Switch Activation (Q1 2026)

Overview: In late 2025, Ethena’s community approved a plan to share some of the protocol’s revenue with ENA token holders who stake their tokens. To activate this, Ethena needs to reach certain milestones, like having over $6 billion in USDe stablecoin supply and more than $250 million in revenue. As of August 2025, these targets were nearly met. The fee sharing is expected to start in early 2026 once the technical setup is complete.
What this means: This is good news for ENA holders because it creates a way to earn income by staking tokens, which could increase demand and encourage long-term holding. However, if the targets aren’t met or technical issues arise, the start could be delayed.

2. USDtb Expansion (2026)

Overview: USDtb is Ethena’s stablecoin that complies with the GENIUS Act, developed in partnership with Anchorage Digital. In 2026, Ethena plans to grow USDtb’s use by working with regulated financial institutions and integrating with traditional payment systems.
What this means: This is positive for ENA because more institutional use of USDtb can boost demand for Ethena’s services and increase revenue. Still, there are risks like regulatory challenges and competition from well-known stablecoins such as USDC.

3. Cross-Chain Integrations (2026)

Overview: Ethena plans to make USDe and USDtb available on more blockchain networks beyond its current partnerships with Base, Blast, and HyperEVM. This will help increase liquidity and make the tokens accessible to more users.
What this means: This is beneficial for ENA because expanding to multiple blockchains can attract new users and increase the total value locked (TVL) in the protocol, leading to higher revenue. However, there are risks related to security when bridging assets across chains and potential liquidity fragmentation.

4. iUSDe Launch (TBD)

Overview: iUSDe is a future product aimed at institutional investors, designed to offer better yields and improved risk management. Details are still limited, but it represents Ethena’s effort to enter higher-value markets.
What this means: This could be a strong growth driver for ENA by opening new revenue opportunities and attracting large investors. Since the launch date is not yet set, its impact is still uncertain.

Conclusion

Ethena’s roadmap focuses on steady growth by sharing fees with token holders, expanding its regulated stablecoin, and connecting with multiple blockchain networks. These steps are key to increasing ENA’s usefulness and adoption. One important question remains: how will changing regulations affect Ethena’s plans to work with institutions?


What updates are there in the ENA code base?

Ethena’s latest updates focus on making $ENA more useful as the ecosystem grows.

  1. Generalized Restaking Integration (June 2025) – $ENA now helps secure cross-chain transfers using LayerZero technology.
  2. Enhanced Token Locking (June 2025) – Users must lock at least 50% of their unvested $ENA tokens to encourage long-term holding.

Deep Dive

1. Generalized Restaking Integration (June 2025)

Overview: Ethena has introduced a new restaking system for $ENA and $sUSDe tokens. This lets users stake their tokens to help secure cross-chain transfers of USDe through LayerZero’s DVN network.

In simple terms, $ENA now plays a key role in protecting important parts of the network, like oracle services and transaction sequencers. People who stake their tokens earn rewards from Ethena (with a 30x multiplier), Symbiotic, and possibly LayerZero as well.

What this means: This is good news for $ENA holders because it links the token’s value directly to securing essential network infrastructure. It also opens up new ways for users to earn rewards, which could bring more investment into the Ethena ecosystem.
(Source)

2. Enhanced Token Locking (June 2025)

Overview: When users claim unvested $ENA tokens from airdrops, they must now lock at least 50% of those tokens by staking them in Ethena, Pendle’s PT-ENA, or Symbiotic pools. If they don’t comply, their unvested tokens will be redistributed to users who follow the rules.

What this means: This change is mostly positive for $ENA because it encourages holders to keep their tokens longer, reducing the chance of quick sell-offs. However, it might discourage some users who prefer more flexibility. The goal is to support users who are committed to Ethena’s vision across multiple blockchains.
(Source)

Conclusion

Ethena’s recent updates highlight a focus on network security and aligning token holders’ interests. By enabling restaking and enforcing stricter token locking, $ENA is positioned as both a governance token and a key part of the infrastructure. While these changes aim to create steady demand for $ENA, the success will depend on how well cross-chain adoption and LayerZero’s growth develop over time.