Ethena Labs executed a significant token unlock on March 5, 2025, releasing 2.07 billion ENA tokens into circulation. According to data from @Tokenomist_ai, this represents 39.17% of the total circulating supply, with a staggering market value of $740.71 million. The release is part of the project’s scheduled token unlocks, a common practice in crypto ecosystems that can impact market dynamics.
In the wake of the massive unlock, on-chain analysis by Lookonchain revealed that 12 wallets moved a total of 125 million ENA tokens, worth approximately $45 million, to major cryptocurrency exchanges such as Binance, Bybit, and FalconX over the past two days. This influx suggests that some investors or insiders may be preparing to sell or trade their newly unlocked assets, potentially influencing ENA’s price action in the near term.
ENA Movements & Market Outlook
The deposits included a series of large transactions from prominent wallet addresses. Some of the biggest transfers include:17.86M ENA ($6.43M) sent to Binance,17M ENA ($6.12M) from two separate wallets to Binance,13.71M ENA ($4.94M) transferred to Binance,10M ENA ($3.6M) split between Binance and Bybit and 10M ENA ($3.6M) directed to FalconX
Among these, Galaxy Digital and notable figures like Michael Egorov were also linked to the movements, adding to speculation about institutional activity surrounding ENA. Token unlocks often lead to increased volatility in the short term, as investors decide whether to hold, trade, or exit their positions. Given the scale of Ethena’s latest unlock, market participants will be closely watching ENA’s price action and liquidity movements across exchanges.
While large token releases can exert downward pressure on prices, they also signal growing liquidity and adoption, particularly if the tokens are utilized within the Ethena ecosystem or attract new buyers looking for entry points.
With more scheduled unlocks likely in the pipeline, Ethena’s tokenomics will continue to be a critical factor in determining investor sentiment. The market’s reaction to this latest event will set the tone for ENA’s performance in the coming weeks.As traders monitor exchange order books and wallet activity, all eyes will be on whether ENA can maintain stability or experience a price correction in response to the sudden influx of supply.
