Ethena’s ENA Token Lists On Robinhood Amid Token Unlock Price Pressure

• Over 200 million ENA tokens entered the market in early November, putting pressure on the price.
• Around 45% of the total 15 billion ENA supply has been unlocked so far.
• A full unlock of the tokens is expected by April 2027.

Ethena's governance token (ENA) officially listed on Robinhood (HOOD) on Thursday, amid a major token unlock that has been pressuring the token's price during a volatile crypto market.

ENA’s price has fallen roughly 80% from September highs above $1. The token slipped 2.7% in the last 24 hours, and was trading around $0.31 in the morning hours. Retail sentiment around the altcoin on Stocktwits continued to trend in ‘bearish’ territory over the past day.

Ethena’s price could worsen if Bitcoin dips below $100,000, a psychological round number and support level, which would also drag the broader crypto market down with it. 

Token Unlock Schedule Adds Selling Pressure

Tokenomist data shows that over 200 million ENA tokens were released onto the market in early November, distributing approximately $60 million to core developers and the remainder to early investors. 

Of the total 15 billion ENA supply, 45.4% has been unlocked, which amounts to around 6.81 billion tokens. Another 5.99 billion tokens, or 39.9% of the supply, remain locked. The schedule for the remaining 2.02 billion tokens has yet to be finalized. Tokens will continue to enter secondary markets throughout 2026, with a full unlock scheduled for April 2027.

A retail trader on Stocktwits celebrated ENA’s listing on Robinhood.

https://stocktwits.com/sanblue19/message/635168320

USDe Stablecoin And Fee-Switch Mechanism Offer Upside

According to market watchers, the real driver behind Ethena is not the ENA token itself, but its USDe stablecoin. With $8.9 billion in total value, as per data on DefiLlama, USDe generates yield by combining Ethereum (ETH) liquid staking derivatives with short perpetual contracts. It is the third-largest stablecoin on the market after Tether (USDT) and USD Coin (USDC).

In September, Binance listed USDe and enabled the protocol’s “fee switch,” triggering a $500 million buyback mechanism designed to support ENA’s price by removing tokens from circulation. BitMEX co-founder Arthur Hayes highlighted the move as potentially transformative. According to Arkham data, he currently holds over five million ENA tokens, valued at $1.5 million.

While the Robinhood listing signals growing legitimacy for Ethena, its tokenomics remain a challenge. Billions of new ENA tokens flooding the market over the next two years could continue to suppress the token’s price. 

Read also: Ripple’s XRP Leads Crypto Rebound, While Bitcoin ETFs Log Second-Worst Outflow Streak This Year

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