Ethena climbs 16% on the week as whales accumulate and USDe spreads

$ENA has gained around 16.5% over the past seven days, trading near $0.094 as daily volume climbed 28% to roughly $145 million. On-chain data points to deliberate accumulation by large holders as a key driver of the move.

Arthur Hayes leads the buying

The most closely watched buyer has been BitMEX co-founder @CryptoHayes. According to blockchain tracker Lookonchain, Hayes built a position of roughly 22.6 million $ENA, worth about $2 million, across several days rather than in a single block. His average entry price was approximately $0.087 per token. The steady, staged approach attracted attention as a "smart money" signal among on-chain observers.

The buying coincided with a broader token unlock period. Unlock tracker data shows Ethena released 171.88 million ENA on August 5, split between core contributors and investors, representing around 1.97% of released supply. That Hayes accumulated through this supply event, rather than waiting for it to clear, reinforced the view among some traders that large participants see value at current levels.

Fee switch and USDe expansion add to the case

Beyond the price action, @ethena's fundamental picture continues to develop. Registered minters can now mint and redeem $USDe against USDC at zero fee, lowering friction for institutional participants. The synthetic dollar has expanded steadily across exchanges, lending markets, and new blockchain networks.

A pending governance vote is drawing additional attention. The fee switch, first proposed by trading firm Wintermute in November 2024, is designed to direct a portion of Ethena protocol revenue to ENA holders who stake their tokens. The Ethena Foundation confirmed in September 2025 that activation benchmarks had been met. If the governance vote passes, the mechanism would redirect between 10% and 20% of protocol fees to sENA stakers, transforming $ENA from a pure governance asset into one with direct cash-flow exposure.

Despite the weekly gain, $ENA remains well below its April 2024 all-time high of $1.52. The broader protocol, however, continues to carry significant weight: @ethena's total value locked stands at approximately $4.19 billion, more than four times the token's roughly $921 million market capitalization at current prices.

Sources:
Blockworks: Ethena Foundation Prepares ENA Fee Switch for Token Holder Vote
COINOTAG: Ethena Faces 171.88 Million Token Unlock on Aug. 5
Tokenomics.com: Ethena Tokenomics and the Fee Switch