ENA Sees $425M Volume Amid Whale Moves, Leveraged Trades, and Key Partnerships Fuel Volatility

Ethena (ENA) has experienced notable market activity in the past 24 hours, with the token trading around $0.3768 and a 24-hour trading volume between $325 million and $425 million. Despite a recent price decline of approximately 3.97%, ENA maintains a robust market capitalization of about $1.77 billion and remains highly liquid.

The recent price movement can be attributed to several key factors. Large-scale transactions by major holders, including the unstaking and transfer of 12.16 million ENA to an exchange, have likely contributed to increased selling pressure. Additionally, significant leveraged trading activity, such as a whale opening and subsequently losing on 10x long positions in ENA and other tokens, has added to market volatility. The overall decline also coincides with broader token unlock events in May 2025, which may be influencing short-term sentiment. Despite the current dip, ENA has shown positive returns over the past week and month, and technical indicators suggest the asset may be approaching oversold conditions. Recent partnerships involving Ethena, Hyperliquid, and Telegram, as well as a $300 million increase in the supply of USDe, Ethena’s core asset, provide further context to the asset’s ongoing market developments.