{"id":9489,"date":"2025-09-02T07:38:05","date_gmt":"2025-09-02T07:38:05","guid":{"rendered":"https:\/\/bitunikey.com\/news\/ethena-price-steadies-near-0-67-but-25m-ena-token-unlock-could-shake-fragile-rebound\/"},"modified":"2025-09-02T07:38:11","modified_gmt":"2025-09-02T07:38:11","slug":"ethena-price-steadies-near-0-67-but-25m-ena-token-unlock-could-shake-fragile-rebound","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/ethena-price-steadies-near-0-67-but-25m-ena-token-unlock-could-shake-fragile-rebound\/","title":{"rendered":"Ethena price steadies near $0.67 but $25M ENA token unlock could shake fragile rebound"},"content":{"rendered":"<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Ethena price has bounced to $0.67 with rising volume and a surge in on-chain activity, but a $25 million token unlock could decide if the rebound holds or shatters.<\/p>\n<div id=\"cn-block-summary-block_bf98313ebd52829bde3e7ca0237fdab5\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>ENA trades at $0.6782, up 7.5% in 24h and 36% in the past month.<\/li>\n<li>Derivatives open interest rose 11% to $1.39B; Ethena fees hit $67.9M in 7 days.<\/li>\n<li>A $25M token unlock on Sept. 2 could pressure the fragile rally.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>Ethena (ENA) is trading around $0.6782 after a steady climb over the past week. The token is up 7.5% in the past 24 hours, extending its seven-day performance to 8% and recording a 36% gain over the last month.<\/p>\n<p>Daily spot trading volume hit $566 million in the past 24 hours, up 54% from the previous day. Derivatives have also picked up pace, with Coinglass <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/currencies\/ENA\" target=\"_blank\">data<\/a> showing volume at $1.99 billion, a 33% increase. Open interest, on the other hand, rose by nearly 11% to $1.39 billion.<\/p>\n<p>Rising open interest and volume indicates that traders are opening new positions, which can lead to larger swings when sentiment changes.<\/p>\n<h2 class=\"wp-block-heading\">Ethena on-chain metrics surge<\/h2>\n<p>On-chain activity is also showing strength. Ethena generated $67.9 million in fees over the past seven days, putting it just behind Tether\u2019s $149 million, according to DeFiLlama <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/defillama.com\/protocol\/ethena?tvl=true&amp;events=false&amp;groupBy=monthly\" target=\"_blank\">data<\/a>.<\/p>\n<p>Its total value locked has nearly doubled in two months, crossing $12 billion in late August compared to $5.4 billion in early July. These figures highlight growing demand for the protocol, even as traders weigh short-term risks.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<h2 class=\"wp-block-heading\">Ethena token unlock adds uncertainty<\/h2>\n<p>Still, supply dynamics could complicate the bullish outlook. On Sept. 2, around 40.6 million tokens worth $25.4 million will be unlocked, as per Tokenomist <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/tokenomist.ai\/ethena\" target=\"_blank\">data<\/a>. This represents 0.64% of the circulating supply.<\/p>\n<p>To date, only 42% of ENA\u2019s maximum 15 billion tokens are in circulation. While not enormous compared with daily volume, token unlocks often create selling pressure, especially after a strong rally, as early holders gain liquidity.<\/p>\n<p>At present, ENA has a market cap of $4.48 billion and a fully diluted valuation of $10.17 billion. This valuation gap implies that investors are still looking ahead, but it also implies that if risk appetite softens, unlocks may test demand.<\/p>\n<h2 class=\"wp-block-heading\">Ethena price technical analysis<\/h2>\n<p>ENA\u2019s daily chart shows cautious optimism. The trend is still upward as long as ENA stays above important moving averages ranging from the 10-day to the 200-day. The MACD displays a soft sell signal, and the relative strength index is at 53, which is a neutral value. <\/p>\n<figure class=\"wp-block-image size-large\"><figcaption class=\"wp-element-caption\">Ethena daily chart. Credit: crypto.news<\/figcaption><\/figure>\n<p>The flatness of other momentum indicators, like Williams %R and stochastic, suggests hesitancy rather than conviction. For now, support is building around $0.65. If ENA exits the $0.70\u20130.72 range, it might move closer to $0.75. Prices may drop back down to $0.61 if they fall below $0.65.<\/p>\n<p>As the Sept. 2 unlock draws near, the market will soon learn whether ENA\u2019s recovery has sustained itself or if profit-taking shortens it.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethena price has bounced to $0.67 with rising volume and a surge in on-chain activity, but a $25 million token unlock could decide if the rebound holds or shatters. Summary&hellip;<\/p>\n","protected":false},"author":1,"featured_media":5217,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-9489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/9489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=9489"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/9489\/revisions"}],"predecessor-version":[{"id":9490,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/9489\/revisions\/9490"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/5217"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=9489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=9489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=9489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}