- Ethena’s native token, ENA, slipped as Bitcoin dipped below $79,000.
- The modest pullback occurred even as ENA recorded a five-week high in whale activity.
- Prices may test lower levels, though a BTC rebound could lift ENA.
Ethena (ENA) came under selling pressure today, falling almost 4% to intraday lows around $0.11 as Bitcoin faced renewed weakness amid macroeconomic concerns. The drop happened despite on-chain indicators pointing to strong interest from large holders, underscoring a short-term disconnect between whale positioning and price action.
Ethena hits 5-week high in whale activity
On-chain data shows the Ethena ecosystem has recently gained momentum. The network recorded its largest single-day growth in new wallet creation in over three months, while whale activity in ENA climbed to a five-week peak. This surge in large-holder interest coincided with several bullish catalysts that attracted attention across DeFi.
📈 Ethena has just seen its largest day of network growth (new wallets created) in over 3 months. Additionally, $ENA whale activity has just hit a 5-week high. Why? There has been a series of high-impact events that converged in the days leading up to May 12th:
🎯 Grayscale… pic.twitter.com/ZMZf0BZgkN
— Santiment Intelligence (@SantimentData) May 13, 2026
Among the drivers cited by on-chain analytics provider Santiment was Grayscale’s May 7 decision to add ENA to its DeFi Fund. The ecosystem also recorded a noteworthy $310 million USDC transfer that boosted liquidity and drew market focus. LayerZero’s temporary bridge suspension on May 9 further placed Ethena in the DeFi spotlight, increasing discussion and scrutiny around the protocol.
Additionally, the Ethena Foundation confirmed that the Risk Committee’s conditions for activating the protocol’s “fee switch” have been met. That fee switch, which would route protocol fees to stakers, is now awaiting a governance vote by ENA holders. The prospect of this governance decision and the surrounding positioning by whales helped push ENA to intraday highs near $0.14 on May 10.
Why’s ENA price down?
Despite those positive fundamentals and on-chain signals, ENA’s price succumbed to broader market forces. Technical indicators on shorter timeframes, such as the 4-hour RSI and MACD, suggest room for further downside in the near term.
On May 13, sentiment across markets deteriorated after U.S. Producer Price Index (PPI) data came in hotter than expected, raising fears of persistent inflation and pushing out expectations for rate cuts. U.S. equities fell and Bitcoin slid below $79,000 intraday, reversing earlier gains above $81,000. That macro-driven risk-off shift rippled through altcoins: Ethereum traded near $2,250, Solana around $90, and XRP remained under $1.50. ENA followed the broader sell-off, sliding from intraday highs near $0.12.
Profit-taking and the prevailing risk-off environment could push ENA toward nearby support around $0.10. Still, the token’s fundamental catalysts — including elevated network growth, whale accumulation, the proposed fee-switch governance vote, and recent large liquidity inflows — leave open the possibility of a recovery if broader market sentiment improves and Bitcoin regains strength.
In summary, ENA’s recent dip reflects the prevailing macro backdrop rather than a lack of on-chain interest. Short-term technicals point to potential further weakness, but ongoing network developments and upcoming governance actions could support a rebound if market conditions turn positive.