ENA Token Faces 4.13% Drop Amid Anticipation of 171.85M Unlock and Market Volatility

Ethena (ENA) experienced a 4.13% price decline over the past 24 hours, with the current ENAUSDT price at $0.5878 on Binance, down from a 24-hour open of $0.6131. The price movement is primarily attributed to anticipation surrounding the scheduled unlock of approximately 171.85 million ENA tokens (about 2.7% of circulating supply) on August 5, 2025, which has increased market volatility and prompted significant transfers of ENA to exchanges. Despite recent bullish sentiment driven by Ethena Labs’ $360 million buyback program, a surge in USDe stablecoin supply to over $9.3 billion, and strong trading volumes between $873 million and $1.13 billion, the token unlock event has contributed to short-term selling pressure and price fluctuations. Ethena maintains a market capitalization near $3.9 billion, with a circulating supply of approximately 6.62 billion ENA, while its USDe stablecoin remains the third-largest by market cap.