ENA today fell 8%, around 0.24.
But this bearish candle isn’t the main point.
The key is October 5.
In August, Ethena unlocked the remaining investors by merging the rest into a single release instead of a gradual unlock from March 2028.
It’s being released all at once now.
About 1.41 billion tokens; at the current price, that’s roughly $340 million, or about 14% of the circulating supply.
Unlocking doesn’t necessarily mean dumping—but it’s not that simple either.
The foundation says it has already bought out most of the early investors’ holdings OTC, but the details—who was bought out, how many, and at what price—were not disclosed.
There’s also a wallet that refused to be bought out.
So the supply pressure is reduced, not gone.
The largest holder, StablecoinX, has about 3 billion tokens. Its lock-up period for October 5 is also解除.
But selling and transferring still require the foundation’s written approval; you can’t freely sell just because it has reached the unlock date.
What about buybacks?
Governance passed it, but the trigger threshold is USDe supply reaching $7.5 billion. Currently it’s about $4.9 billion.
Not yet.
Today’s kind of drop looks more like the market is pricing in the pressure from the 5th ahead of time.
After the 5th, two things to watch: whether the big wallet moves tokens to exchanges, and whether USDe can move toward $7.5 billion.
The above is an event timeline, not trading advice. DYOR $ENA
But this bearish candle isn’t the main point.
The key is October 5.
In August, Ethena unlocked the remaining investors by merging the rest into a single release instead of a gradual unlock from March 2028.
It’s being released all at once now.
About 1.41 billion tokens; at the current price, that’s roughly $340 million, or about 14% of the circulating supply.
Unlocking doesn’t necessarily mean dumping—but it’s not that simple either.
The foundation says it has already bought out most of the early investors’ holdings OTC, but the details—who was bought out, how many, and at what price—were not disclosed.
There’s also a wallet that refused to be bought out.
So the supply pressure is reduced, not gone.
The largest holder, StablecoinX, has about 3 billion tokens. Its lock-up period for October 5 is also解除.
But selling and transferring still require the foundation’s written approval; you can’t freely sell just because it has reached the unlock date.
What about buybacks?
Governance passed it, but the trigger threshold is USDe supply reaching $7.5 billion. Currently it’s about $4.9 billion.
Not yet.
Today’s kind of drop looks more like the market is pricing in the pressure from the 5th ahead of time.
After the 5th, two things to watch: whether the big wallet moves tokens to exchanges, and whether USDe can move toward $7.5 billion.
The above is an event timeline, not trading advice. DYOR $ENA