FxWirePro- Token unlock tomorrow (Ethena)

At 15:00 Beijing time (12:30 PM IST), Ethena (ENA) releases its biggest unlock yet, dumping 171.88 million tokens valued at around $61.54 million—2.52% of circulating supply. Divided between 93.75 million core contributors and 78.13 million investors, this dwarfs the week's total unlocks of $312 million. Just three days after a $21 million Foundation release on Nov 2, this Q4 cliff event adds 1.15% to total supply (now 7.15B/15B) and fuels supply shock fears.

ENA Braces for Volatility Post-Unlock: sell pressure or stake lock?

Particularly following ENA's recent increases, historical unlocks usually cause dumbs as early investors cash out. Though some tokens may be staked or held long-term amid USDe expansion, the sheer scale—greater than the next six unlocks ($45 million)—raises volatility risk. Important will be whale inflows and exchange deposits; then, on December 2, with 94.19M ENA, it will be hit.

Unlock of 171.85M (1.15% of Total Supply)~ $56.36M (2.40% of M. Cap)