Ethena Token Unlock Set to Flood Market with $728 Million in ENA

Ethena's upcoming token unlock on March 5 will introduce 2.07 billion ENA into circulation, accounting for over two-thirds of the total supply. This event coincides with a significant reduction in the supply of its stablecoin, Ethena USDe, following its largest single-day redemption. Currently, ENA is experiencing a downturn and dropped 18% in the last 24 hours, with strong selling pressure indicated by a surge in trading volume and dominance in red candles. Despite potential near-term recovery, the bearish momentum remains a concern for investors.