Ethena has approved a fee switch that directs 95% of protocol net revenue toward ENA buybacks and redistribution to token holders. The governance action links protocol earnings directly to recurring token purchases, creating a documented allocation rule that ties token demand to Ethena's financial performance.
Arthur Hayes acquired 25.33 million ENA tokens for $5.53 million at an average entry price of $0.09, according to blockchain transaction data. At current trading levels, the position holds an unrealized gain of $3.28 million, representing approximately 146% in returns.
Ethena's total value locked reached $5.21 billion, reflecting the scale of user deposits in the protocol. However, TVL figures do not guarantee token appreciation or establish the magnitude of future protocol revenue that would fund buyback activity.
Technical Levels and Trading Range
ENA/USD currently trades below its 20-day moving average at $0.2003. The 50-day moving average sits at $0.1826, while the 200-day average stands at $0.1038. Ichimoku Kijun resistance is positioned at $0.1976.
Technical momentum indicators show mixed signals. The MACD displays a Strong Buy reading, while the Relative Strength Index (RSI) reads 52.848. The Average Directional Index (ADX) indicates buying interest, though the Stochastic RSI sits in oversold territory.
Recent trading sessions place ENA/USD between $0.1766 and $0.2104, with technical analysts assigning a 62% probability to an upside move and 38% to downside risk. A sustained move above $0.1976 would strengthen the upside case, while a break below $0.1766 would weaken it.
Technical data do not currently confirm movement toward the $0.50 level cited in market discussion. The ENA price prediction will evolve as the asset responds to buyback execution, market liquidity, and broader cryptocurrency market conditions.
