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Following
ENA ENA rose by about 16.5% in a week, mainly due to the concentrated increase in holdings by large households.
In the past seven days, ENA prices have risen by about 16.5%, the trading price is close to US$0.094, and daily trading volume has climbed 28% to approximately US$145 million. Chain data shows that the deliberate increase in holdings by large households is the main driving force for this round of rise.
Arthur Hayes leads the purchase of
The most watched buyer is Arthur Hayes, co-founder of BitMEX. According to blockchain tracking agency Lookonchain, Hayes phased out approximately 22.6 million ENA positions worth approximately $2 million over a few days, rather than buying them in a one-time manner. His average admission price is about $0.087 per piece. This steady, phased buying method is regarded as a "smart money" signal in the eyes of chain observers and has attracted widespread attention.
This purchase coincides with ENA's concentrated unlocking period. Unlock tracking data shows that Ethena unlocked 171.88 million ENAs on August 5, which were allocated to core contributors and investors respectively, accounting for approximately 1.97% of the released supply. Hayes chose to continue to raise funds during the release of supply rather than wait for the market to finish digesting, further reinforcing the view of some traders that large players believe current prices are valuable.
Fee switches and USDe expansion provide support
In addition to price movements, Ethena's fundamentals continue to improve. Registered founders can now cast and redeem USDe with USDC at zero rates, lowering the threshold for institutional participation. The synthetic U.S. dollar USDe has steadily expanded on major exchanges, lending markets, and new blockchain networks.
A pending governance vote is attracting extra attention. The fee-switching mechanism was originally proposed by trading company Wintermute in November 2024 to allocate part of the revenue from the Ethena Agreement to ENA holders who pledged tokens. The Ethena Foundation has confirmed in September 2025 that the activation target has been achieved. If the governance vote is approved, the mechanism will reallocate 10% to 20% of the agreement fee to sENA pledgers, transforming ENA from a purely governance asset to an asset with direct cash flow exposure.
Despite this week's gains, ENA is still well below its all-time high of $1.52 set in April 2024. However, the entire agreement still carries considerable value: Ethena's total locked position value is approximately US$4.19 billion, which is more than four times the market value of its tokens (approximately US$921 million) at current prices.
