ENA Unlocks $54M Tokens: Is Ethena Price Doomed By Unlock Schedule In 2026?

ENA crypto has been bleeding in recent days. A while back, it was among the top 30 coins, but after the sell-off on October 10-11, most cryptos, including ENA USDT, have failed to recover and wind back losses.

When writing, ENA crypto is down -30% in the past week of trading, stable on the last day, but generally under pressure. Like some of the best cryptos to buy, including Bitcoin and Ethereum, the path of least resistance is southwards.

(Source: Coingecko)

Technically, it could get worse for the Ethena price should Bitcoin lose $100,000, a psychological round number and support. Beyond this, there is a fundamental reason that might weaken ENA crypto, not today, but in the coming months, unless sentiment shifts and capital begins flowing into crypto.

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Ethena Unlocks $54M of ENA Crypto, More Unlocks Till April 2027

Earlier today, on November 5, the team released 171.88 million ENA worth roughly $55M at spot rates.

The batch was released after the project transferred another $15.70 million of ENA crypto to the foundation on November 2. This release is part of a series that began on March 25.

(Source: Tokenomist)

While the November 2 unlock was allocated to the foundation, like it has been the monthly norm since January 1, the 171.88 million released earlier today will be distributed to core distributors, who will receive roughly $30 million of ENA, and the balance to investors.

Looking at the ENA crypto vesting schedule, it is evident that more tokens will be hitting the circulating supply in the next two months.

So far, 6.81 billion ENA, or +45.43% of the total supply, have been unlocked. Another 5.99 billion ENA or +39.94% of the total supply, remains locked. Meanwhile, the team has to discuss the unlocking schedule of another 2.02 billion ENA, representing +13.49% of the total supply.

From December 1, more ENA will be hitting the secondary markets. As per the ENA release schedule, more tokens will be released to boost ecosystem development.

This schedule will be maintained throughout 2026 until April 2027, when all ENA tokens will have been unlocked.

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What Will Happen To Ethena Price?

It is only natural to ask what then will happen to the Ethena price.

As ARB price action revealed, token unlocks, especially those accompanied by immediate liquidation on leading exchanges, tend to cap gains.

Most of those who immediately sell, mostly depending on market conditions, are investors.

Fortunately for ENA holders, of the total supply, investors have been allocated +25%. Another +2% will be distributed to the Binance Launchpad.

(Source: Tokenomist)

If crypto market conditions fail to recover and Bitcoin, Ethereum, and even top Solana meme coins slip below critical support levels, ENA investors will likely dump as well.

The good news is that a big bulk of the total supply, over +70%, will be in the hands of the team.

They might sell, after all; Charlie Lee of Litecoin also dumped at peaks. However, given how closely monitored the team is, their option will be to HODL, regardless of whether ENA USDT drops.

For now, ENA crypto has found support above $0.22. If this level is lost, ENA USDT will crater into all-time lows, possibly below the October 10 low.

On the flip side, if the Ethena price found support, recovering from spot rates, one analyst thinks ENA USDT will fly to $1.30 in a buy trend continuation formation.

If this is a higher high, Ethena $ENA could be setting up for a move to $1.30. https://t.co/aYETjB57kO pic.twitter.com/cBDHqQgyZf

— Ali (@ali_charts) October 29, 2025

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The post ENA Unlocks $54M Tokens: Is Ethena Price Doomed By Unlock Schedule In 2026? appeared first on 99Bitcoins.