- Ethena’s native token, ENA, noticed its worth decline as Bitcoin slid beneath $79,000
- The slight dip occurred regardless of ENA notching a 5-week excessive in whale exercise.
- Costs might fall additional, however a rebound for BTC might increase ENA.
Ethena (ENA) worth confronted downward stress in the present day, dropping almost 4% to intraday lows of $0.11 as Bitcoin grappled with renewed promoting amid macroeconomic headwinds.
This decline unfolded at the same time as on-chain metrics signaled sturdy curiosity from giant holders.
Analysts say the transfer highlights a disconnect between whale habits and short-term worth motion.
Ethena hits 5-week excessive in whale exercise
On-chain knowledge exhibits Ethena’s ecosystem has managed notable momentum.
For one, the community simply hit its largest each day community progress in over three months.
The platform didn’t simply see a surge in new pockets creations, however had ENA whale exercise surging to a five-week peak, with this aligning with heightened curiosity bolstered by a number of bullish catalysts.
📈 Ethena has simply seen its largest day of community progress (new wallets created) in over 3 months. Moreover, $ENA whale exercise has simply hit a 5-week excessive. Why? There was a sequence of high-impact occasions that converged within the days main as much as Might twelfth:
🎯 Grayscale… pic.twitter.com/ZMZf0BZgkN
— Santiment Intelligence (@SantimentData) Might 13, 2026
In accordance with Santiment, one of many key drivers was Grayscale’s resolution on Might 7 to include ENA into its DeFi Fund.
Ethena additionally lately noticed an enormous $310 million USDC switch, a transaction that injected recent liquidity and drew widespread consideration.
Santiment has additionally highlighted that the highlight on ENA elevated additional when LayerZero introduced a brief bridge suspension on Might 9, retaining Ethena on the forefront of DeFi discussions.
Including to the optimism, the Ethena Basis lately affirmed that every one circumstances outlined by its Danger Committee for activating the “fee switch” have been happy.
This mechanism, designed to distribute protocol charges to stakers, awaits a governance vote from ENA holders within the coming days.
The whale positioning forward of the pivotal vote helped ENA worth pump to highs of $0.14 on Might 10.
Why’s ENA worth down?
Regardless of the optimistic catalysts, ENA’s worth succumbed to broader market dynamics.
Each RSI and MACD on the 4-hour chart recommend costs might fall additional.
On Might 13, crypto sentiment soured following the discharge of U.S. Producer Worth Index (PPI) knowledge.
This got here in hotter-than-expected and exacerbated fears of persistent inflation and delayed price cuts.
US shares slid, and Bitcoin, the crypto sector’s bellwether, tumbled beneath $79,000 throughout intraday buying and selling.
Declines meant bulls retreated to ranges seen following Tuesday’s Shopper Worth Index (CPI) report.
BTC costs had earlier bounced to above $81,000.
This macro-driven risk-off temper rippled throughout altcoins, with Ethereum down close to $2,250, Solana slipping to $90, and XRP capped below $1.50.
Many DeFi tokens mirrored the weak spot, together with ENA, which traded from intraday highs of $0.12.
The profit-taking might prolong losses to assist at $0.10.
Whereas the dip impacts ENA’s short-term outlook, community fundamentals and total market outlook might place the token for potential restoration.
