🚨ENA: Bullish or Bearish After the Unlock?

The $ENA token unlock is here.

And this is where things get interesting.

A large amount of tokens becoming liquid can create short-term selling pressure — especially if early investors or other holders decide to take profits.

But an unlock doesn’t automatically mean ENA will dump.

What really matters is what happens next.

🔹 Selling pressure — Are holders actually selling the newly unlocked tokens?

🔹 $USDE adoption — Is Ethena’s core product continuing to grow?

🔹 ENA demand — Is there enough demand to absorb additional supply?

🔹 Token economics — Can Ethena’s buyback and ecosystem mechanisms create stronger demand for ENA over time?

So my view:

Short term: I would be careful with ENA because of the additional supply.

Long term: The interesting part is whether Ethena can keep growing USDe and turn that growth into stronger demand for the ENA ecosystem.

The unlock is only one event.

The real test starts after it.

Would you buy ENA here — or wait for the market to absorb the new supply?

#usde #ENA