Latest Ethena (ENA) News Update

Deep Dive

1. Traders Eye $0.108 Support (21 February 2026)

Overview: ENA is trading near the $0.108 support level, with analysts like Ali Charts suggesting a hold could shift focus toward the $0.129 resistance. Concurrently, Ethena's USDe stablecoin supply has grown tenfold over nine months to $1.15 billion, indicating strong adoption. The protocol's Total Value Locked (TVL) has stabilized around $6.95 billion after a peak of nearly $15 billion in November 2025. What this means: This is a neutral-to-bearish technical signal for ENA in the short term. Holding support could spark a relief rally, but a breakdown may lead to further declines. The robust USDe growth is a bullish fundamental counterpoint, suggesting underlying product demand despite the token's price weakness. (coincu.com)

2. Anchorage Digital Launches Stablecoin Solutions (19 February 2026)

Overview: Federally chartered crypto bank Anchorage Digital launched "Stablecoin Solutions," a service enabling global banks to conduct near-instant USD settlements using blockchain. The offering supports multiple stablecoins, including Ethena Labs' USDtb, and operates under the oversight of the Office of the Comptroller of the Currency (OCC). What this means: This is bullish for ENA as it represents a major step in regulated, institutional adoption. Integration into Anchorage's compliant rails could significantly increase the utility and demand for Ethena's stablecoin ecosystem, though full regulatory implementation is still pending. (The Defiant)

3. Arthur Hayes Flags ENA in Portfolio (18 February 2026)

Overview: In a blog post, BitMEX co-founder Arthur Hayes revealed he has heavily allocated his portfolio to assets including Ethena (ENA). He linked Bitcoin's recent underperformance to tightening dollar liquidity but forecasted a Fed pivot that could inject liquidity and drive risk assets higher, benefiting his chosen altcoins. What this means: This is bullish for ENA sentiment, as endorsement from a prominent figure can influence market perception. However, his thesis is contingent on a shift in macro monetary policy, making ENA's trajectory partly dependent on broader financial conditions. (DeFi Planet)

Conclusion

ENA's narrative is split between shaky short-term technicals and strengthening long-term fundamentals through institutional partnerships. Will growing USDe adoption finally translate to ENA price strength, or will macro headwinds keep pressure on the token?

Deep Dive

1. @remiaxyz: Watching a Critical Support Level bearish

"Eyes on $ENA at $0.1093... The $0.108 level is absolute make or break. A hold here could signal a short term move to $0.129. Lose it and further downside is coming." – @remiaxyz (7,298 followers · 2026-02-20 15:33 UTC) View original post What this means: This is bearish for ENA because it frames the current price as a last line of defense. A break below $0.108 could trigger accelerated selling, while holding may only offer a brief, technical reprieve.

2. @Flippix_sol: Arguing ENA is Fundamentally Cheap bullish

"Ethena’s valuation multiple just compressed sharply as revenues keep growing... Ethena’s FDV-to-fees ratio has dropped to ~5.8, while monthly fees reached $29M, up +32% MoM in January." – @Flippix_sol (2,608 followers · 2026-02-07 17:37 UTC) View original post What this means: This is bullish for ENA because it suggests the token is undervalued relative to its revenue generation. A low price-to-earnings metric could attract value-oriented investors if the protocol's growth continues.

3. @cryptoalphaindo: Highlighting Team Selling Pressure bearish

"Ethena Labs was observed depositing 18.36 million $ENA worth around $3.75 million to Bybit... watch out for selling pressure from Ethena Labs." – @cryptoalphaindo (3,988 followers · 2025-12-20 04:16 UTC) View original post What this means: This is bearish for ENA because direct selling from the project's treasury adds immediate supply to the market, which can overwhelm demand and suppress the price, especially in a weak market.

Conclusion

The consensus on ENA is mixed but leans bearish, caught between arguments for deep value and the reality of persistent selling pressure. Traders are laser-focused on the immediate technical battle at $0.108, while long-term believers point to strong fundamentals. Watch whether the price can reclaim and hold above $0.12 to signal a shift in momentum.

Deep Dive

1. Fee Switch Activation (Imminent)

Overview: The Ethena Foundation has confirmed that the fee switch parameters set by the Risk Committee meet all requirements (Foresight News). Final implementation details are being finalized, after which ENA holders will vote to activate the mechanism. This will allocate a portion of the protocol's revenue—generated from its synthetic dollar USDe—to stakers.

What this means: This is bullish for ENA because it transforms the token from a pure governance asset into a cash-flow generating instrument. It directly aligns holding and staking ENA with the protocol's financial success, potentially increasing demand from yield-seeking investors.

2. Launch of Two New Products (Q1 2026)

Overview: In October 2025, Ethena Labs announced plans to expand its team by 40–50% to develop and launch two entirely new business lines within three months (The Block). Co-founder Guy Young stated these initiatives "have the potential to be the size of USDe," indicating significant ambition.

What this means: This is neutral-to-bullish for ENA because successful product launches could dramatically expand Ethena's total addressable market and utility. However, it carries execution risk—new products must achieve adoption to justify the development effort and resource allocation.

Conclusion

Ethena's near-term roadmap focuses on cementing ENA's value accrual through fee sharing and aggressively expanding its ecosystem with new products. Will successful execution be enough to counter prevailing bearish market sentiment and reignite growth for USDe?

Deep Dive

1. Fee Switch Parameters Approved (15 September 2025)

Overview: The Ethena Foundation confirmed that the Risk Committee's parameters for activating a "fee switch" have been met. This sets the stage for a governance vote that could allow ENA stakers to earn a share of the protocol's revenue.

This development is a major economic upgrade. The fee switch was proposed in November 2024 with specific success metrics, including USDe supply exceeding $6 billion and protocol revenue surpassing $250 million. Meeting these conditions triggers the next phase: finalizing implementation details (like yield benchmarks and reserve management) before a holder vote. It transforms ENA from a governance token into a potential yield-bearing asset.

What this means: This is bullish for ENA because it creates a direct link between protocol success and tokenholder rewards, potentially attracting long-term investors seeking sustainable yield. The activation depends on a future community vote. (Foresight News)

2. Generalized Restaking Framework Launch (26 June 2024)

Overview: Ethena integrated with Symbiotic to allow ENA to be staked (restaked) to provide economic security, starting with cross-chain transfers of USDe secured via LayerZero's network.

This technical integration adds a new utility layer for ENA. Staked ENA acts as a form of collateral to validate and secure the movement of Ethena's stablecoin assets across different blockchains. This framework is also designed to support future infrastructure on the planned Ethena Chain, such as oracles and shared sequencers.

What this means: This is bullish for ENA because it increases the token's fundamental utility beyond simple governance, embedding it into the protocol's security and expansion mechanisms. Stakers also earn additional reward points. (Ethena Labs)

3. Updated Token Locking Requirements (17 June 2024)

Overview: The protocol introduced new vesting rules requiring users receiving ENA from airdrops to lock at least 50% of their claimable tokens, or risk forfeiting unvested amounts.

This is a tokenomic update aimed at aligning holder incentives. The forfeited tokens are redistributed to users who lock their ENA in approved pools (Ethena locking, PT-ENA on Pendle, or Symbiotic restaking). The goal is to encourage long-term alignment over short-term selling.

What this means: This is neutral to bullish for ENA because it structurally reduces immediate sell pressure from newly vested tokens, which could support price stability. It incentivizes users to participate in the ecosystem's staking and locking mechanisms. (Ethena Labs)

Conclusion

Ethena's recent updates strategically enhance ENA's utility through restaking and impending revenue sharing, shifting its value proposition towards a core, yield-generating asset within its expanding ecosystem. Will the activation of the fee switch meet community approval and set a new standard for DeFi token value accrual?