ENA Token Drops 5.21% After Major Unlock, Whale Accumulation and DeFi Growth Shape Outlook

Ethena (ENAUSDT) experienced a 5.21% price decline over the past 24 hours, with the current price at $0.5658 on Binance, opening at $0.5969. The recent price drop is primarily attributed to the large token unlock of approximately 171.85 million ENA on August 6, 2025, which increased circulating supply and contributed to short-term selling pressure. Additionally, despite significant whale accumulation and a surge in ENA Futures Open Interest, the market has seen heightened volatility, with ENA unable to sustain levels above $0.69 after a strong rally in July.

Currently, ENA maintains active trading with a 24-hour volume of around $735 million and a market capitalization of approximately $3.77 billion, ranking it #31 by market cap. Key ecosystem developments include USDe, Ethena’s synthetic dollar, surpassing $9 billion in supply and becoming the third-largest stablecoin, as well as new DeFi incentive programs on Solana. While short-term sentiment is mixed due to recent volatility and token unlocks, long-term outlook remains supported by ongoing whale accumulation and ecosystem growth.