Crypto News: Robinhood Lists Ethena – What’s Next for ENA Price?

Ethena’s ENA token lists on Robinhood amid an 80% price drop, following a major token unlock. What’s next for ENA’s price?

Ethena governance token, ENA, recently launched on Robinhood, marking a notable development for the project. However, the token has faced significant selling pressure following a large-scale unlock of tokens. 

ENA  price has dropped sharply from its highs in September, and the ongoing market volatility is raising questions about its future. As of Thursday, ENA was trading at approximately $0.31, a dramatic decline from over $1 just a couple of months ago.

ENA is live in Robinhood 🪶

Robinhood is doing more & more in crypto, with its Bitstamp acq, Robinhood Chain, & tokenization

At Ethena we see Robinhood as 1 of the most important financial platforms in the world’s largest economy.

We hope to be a big part of their crypto… https://t.co/9HFCORg4Jd

— Nick (@n2ckchong) November 6, 2025

Token Unlock Adding Pressure on ENA Price

One of the main factors putting pressure on ENA’s price is the large unlock of tokens. 

Over 200 million ENA tokens entered circulation in early November, increasing the token supply. This move has flooded the market, creating selling pressure. Most of these tokens were distributed to core developers and early investors, with little to offset the supply increase.

Currently, about 45% of the total 15 billion ENA tokens have been unlocked, amounting to over 6.8 billion tokens. The remainder of the tokens is expected to be unlocked gradually until April 2027.

With more tokens set to be released in the coming years, there is concern that the price of ENA could continue to fall.

The ongoing release of tokens is likely to keep ENA under pressure unless demand for the token increases. Traders are particularly wary of the market impact of future unlocks. Investors will need to monitor the unlocking schedule closely to assess potential risks to ENA’s price.

Retail Sentiment Remains Negative

Despite the Robinhood listing, retail sentiment around ENA has remained largely negative.

On platforms like Stocktwits, ENA has been trending in bearish territory due to its steep price drop. Many retail investors are concerned that the token’s price could continue to decline, especially with the continued unlocking of tokens.

In recent days, a significant number of traders have expressed doubts about ENA’s potential for recovery.

With the market uncertain, many are choosing to hold off on investing in ENA. This cautious approach highlights the overall bearish sentiment surrounding the token, especially among retail investors.

While Robinhood’s listing has boosted visibility, it has not been enough to overcome the broader concerns. Investors may be waiting for signs of stability before taking further action. Until the market shows signs of improvement, many are hesitant to invest in ENA.

USDe Stablecoin Could Shape Ethena’s Future

Although ENA has faced challenges, Ethena’s USDe stablecoin is garnering attention for its potential. USDe currently has a total value of $8.9 billion and is seen as a more stable asset within the Ethena ecosystem. 

Unlike ENA, USDe is designed to generate yield by combining Ethereum’s liquid staking derivatives with short perpetual contracts. It is now the third-largest stablecoin in the market, behind USDT and USDC.

The launch of USDe on Binance and the implementation of a “fee switch” mechanism could help support ENA’s price. This fee switch mechanism enables a $500 million buyback, which reduces the circulating supply of ENA. The idea is that reducing supply could help stabilize or even increase the token’s value over time.