Ethena Team Accumulates $10M ENA Despite Price Drop

Ethena's ENA token is drawing attention due to significant accumulation by the project's team wallet, despite a 25% price drop recently.

$4.5 million worth of ENA was moved from Bybit to the team's wallet, with total inflows reaching $10 million over the past week.
The wallet currently holds about $162.6 million worth of ENA.

ENA is trading around $0.17, with a market cap of $1.42 billion. Analyst Crypto Patel highlights that ENA is in a strong accumulation zone between $0.18-$0.20. This range previously led to a 500% increase in December 2024. Patel suggests that if ENA maintains above $0.18, it could surge to $1.50, a potential 700% increase.

BitMEX co-founder Arthur Hayes has shown interest in ENA, predicting it could reach $1 amid DeFi sector growth. However, ENA is down 80% since September 2025 and trades 88% below its all-time high of $1.52 from April 2024. The decline is partly due to frequent token unlocks increasing supply.

Ethena Labs has implemented buyback programs to counteract supply pressure, aiming to support price levels despite the current challenges.