$ENA

Here’s the current ENA/USDT chart

Key Highlights:

Ethena (ENA) is trading around $0.59 USDT, down roughly 3–4% over the past 24 hours . The price recently spiked over 13% to ~$0.622 amid surging volume (~$1.14B) and derivatives activity ahead of a substantial token unlock scheduled for August 6, 2025 (about 171.8M tokens worth ~$103M) .

Ethena’s native stablecoin USDe crossed $9.5B in total supply, making it the third-largest stablecoin globally, supported by its synthetic dollar model using spot–futures arbitrage . Risks include liquidity pressures from token unlocks, declining funding yields (down from >60% to <5%), and exposure to liquid staking tokens (~5% of reserves) .

In summary: ENA/USDT shows notable volatility around impending unlock events, fueled by yield-driven demand and recent momentum shifts.