$765M Ethena Token Unlock Hits Market, Shifting ENA Price Outlook

Ethena's ENA token is experiencing a major supply increase as a major unlock event releases a substantial portion of its total supply.

Ethena’s ENA token is seeing a major shift in supply dynamics as a significant unlock event brings a substantial portion of the token’s total supply into play.

The event, which unlocks billions of ENA tokens and could influence liquidity and investor sentiment, has been reported by blockchain analytics platform Tokenomist.

Major Insider Unlock Event for ENA Token

A total of 2.07 billion ENA tokens—amounting to 39% of the circulating supply—have become accessible to early investors, core contributors, and ecosystem development initiatives. The newly unlocked tokens carry an estimated market value exceeding $765 million.

Out of the unlocked tokens, core contributors will receive 1.13 billion ENA, which is valued at approximately $471 million. Meanwhile, investors will gain access to 937.5 million ENA, with an estimated worth of $392 million.

Additionally, 7.93 million ENA, valued at $3.32 million, is allocated for ecosystem development. The increased supply could influence ENA’s price trajectory, depending on how the recipients decide to manage their holdings.

ENA Tokens Flow to Binance as Part of Unlocks

Tracking platform Spot On Chain has identified two wallets linked to Ethena Labs that deposited a total of 29.87 million ENA to Binance within the past hour. The deposits were made at an average price of $0.386 per token.

These wallets previously received ENA from Ethena Labs’ multi-signature wallets on July 20, 2024, when the token was priced at $0.487. Despite these transactions, one of the wallets still retains 53.6 million ENA, which is worth approximately $20.2 million at present.

The movement of tokens to exchanges suggests potential selling pressure, although it remains to be seen whether all holders will offload their tokens immediately.

One of the wallets linked to Ethena Labs has deposited 29.87M $ENA ( $11.52M ) to #Binance in the past hour.

Both wallets received $ENA from Ethena Labs' multi-sigs on July 20, 2024, when the price was $0.487.

Currently, one wallet still holds 53.6M $ENA and the other has 54.4M $ENA left.pic.twitter.com/9zC7e47y76

— Spot On Chain (@Спон на веригата) March 5, 2025

ENA Token Price Analysis

Zen, a market analyst at WiseAnalyze, has noted that the unlocked ENA tokens represent over 66% of the circulating supply.

“The total value of ENA tokens being unlocked today is estimated at $765M (66% of circulating supply). We can expect some selling pressure as core contributors and investors begin selling their allocated tokens.”

He adds that while the sheer volume of tokens could exert selling pressure, the token’s price decline—down 71% from its last swing high—might induce some holders to wait for a recovery before selling.

Two wallets linked to @ethena_labs jointly deposited 29.87M $ENA to #Binance at ~0.386 in the past hour.

Notably, both wallets received $ENA from Ethena Labs' multi-sigs on July 20, 2024, when the price was 0.487.

Currently, one wallet still holds 53.6M $ENA and the other has 54.4M $ENA left.pic.twitter.com/f5en8KuuRO

— Zen (@revolution_vp) March 5, 2025

The analyst advises caution, suggesting traders monitor market volume trends before taking positions. He indicates that a short-selling opportunity could emerge if bounce-back trading volume outpaces dip volumes.

The immediate effect of the unlock event is uncertain, but long-term market reactions could depend on how investors react to the increased token supply.

ENA, the native token of Ethena, is priced at $0.3804 at press time. This represents a 9.21% increase over the last 24 hours. However, the token has dropped 8.07% over the past seven days.