Ethena (ENA) Price Catalyst: Whale Accumulation, Founder Buys, and Strategic Protocol Moves Signal Strong Momentum

The Ethena (ENA) token is experiencing a confluence of bullish catalysts in November 2025, driven by aggressive whale accumulation, founder-level confidence, and protocol-level innovations. These factors are creating a compelling narrative for short-to-mid-term price appreciation, as on-chain activity and market sentiment align to signal growing institutional and retail optimism.

Whale Accumulation: A Strategic Supply Crunch

Ethena Labs has been methodically reducing ENA's circulating supply through large-scale on-chain withdrawals. A wallet linked to the project, 0x631e, withdrew 25 million ENA tokens ($6 million) from Bybit, bringing total withdrawals since November 7 to 405.15 million ENA ($96.8 million) from Bybit and Coinbase Prime according to data. Additionally, a newly created wallet (0xa19) received 105.35 million ENA ($28.7 million) from Coinbase Prime and 20 million ENA ($5.45 million) from Bybit according to analysis. These moves suggest a coordinated effort to consolidate liquidity and reduce sell pressure, a tactic often associated with price stabilization and long-term value creation.

The strategic accumulation is further amplified by the fact that Ethena Labs now holds 355.15 million ENA ($100.13 million) in a single wallet according to reports. Such concentrated control over a significant portion of the circulating supply can act as a psychological and structural support mechanism, deterring short-term dumping and fostering confidence in the token's fundamentals.

Founder Confidence: Guy Young's $20M Buy-In

Ethena co-founder Guy Young has added another layer of credibility to the bullish narrative by personally investing $20 million in ENA in early November 2025 according to reports. This move, rare in the crypto space, signals strong conviction in the project's roadmap and tokenomics. Young's purchase coincided with ENA trading near $0.3882, a level analysts have flagged as a potential springboard for a rally to $5 in the current bull cycle according to analysis.

Founder-level participation is a critical sentiment driver in crypto markets, as it aligns incentives between leadership and investors. Young's buy-in not only validates Ethena's strategic direction but also counters bearish narratives around the project's governance and long-term viability.

Protocol-Level Innovation: Fee Switches and Ecosystem Expansion

Ethena's November 2025 protocol updates have introduced structural improvements that enhance ENA's utility and revenue-sharing model. The activation of the fee switch allows ENA holders to earn a share of protocol revenue, directly tying token value to ecosystem growth according to updates. This mechanism incentivizes long-term holding and reduces sell pressure, a key factor in token price dynamics.

Simultaneously, Ethena has expanded USDe's utility through partnerships with Nunchi and Hyperliquid to integrate the synthetic dollar into yield perpetual contracts according to analysis. These collaborations diversify USDe's use cases beyond leveraged arbitrage, addressing a key criticism of the asset's narrow application. Additionally, Ethena's development of a dedicated blockchain using USDe for gas and financial applications signals a long-term vision to scale the ecosystem beyond its current DeFi-centric model according to updates.

The protocol's recent performance further underscores its potential: ENA generated $4.85 million in 24-hour fees, surpassing major protocols like Pump and Lido according to reports. While the crypto community debates whether this reflects genuine adoption or a temporary anomaly, the sheer volume of fees highlights Ethena's growing influence in the DeFi landscape.

Market Sentiment: Technical and On-Chain Signals

Technical analysis paints a mixed but cautiously optimistic picture. ENA recently broke out from an 84-day resistance trend line, validating it as support and setting the stage for a potential rally toward $0.35 according to analysis. Momentum indicators like the RSI and MACD have flipped into bullish territory, suggesting increased buying pressure according to analysis. However, the long-term bearish trend remains intact, with the token forming a descending triangle on the weekly chart according to analysis.

On-chain data reinforces the bullish case. A 14.56 million ENA accumulation near a key support zone has reduced immediate sell pressure according to updates. This aligns with broader stabilization patterns, including an RSI dip to oversold levels, hinting at a potential recovery. Conversely, notable sales by figures like Arthur Hayes and the Binance oracle mispricing incident (which triggered $2 million in liquidations) introduce short-term volatility according to updates.

Strategic Liquidity Reduction and Investor Psychology

Ethena's large withdrawals from exchanges-most notably the $12.8 million ENA removal from Bybit according to reports-have reduced immediate liquidity, a double-edged sword. While this could increase volatility, it also signals a strategic shift toward treasury management or ecosystem funding. Reduced liquidity often amplifies price movements, as fewer sellers mean smaller buy orders can drive significant rallies.

Investor psychology is further bolstered by Ethena's WhiteLabel platform, which positions the project for infrastructure scalability according to reports. Despite a decline in TVL from $15 billion to $7 billion due to the Binance de-pegging incident, Ethena's cumulative protocol revenue of $600 million remains a strong fundamental anchor according to reports.

Conclusion: A Bullish Convergence

The combination of whale accumulation, founder confidence, and protocol innovation creates a compelling case for ENA's short-to-mid-term appreciation. While technical and on-chain indicators suggest a potential rebound toward $0.27–$0.29 in the near term according to analysis, the broader narrative of supply reduction, utility expansion, and institutional alignment points to a stronger foundation for the token.

Investors should monitor key levels like $0.245 and $0.35, as well as broader macroeconomic factors such as Fed rate cuts and global risk sentiment according to analysis. For those with a medium-term horizon, Ethena's strategic moves and on-chain activity present a high-conviction opportunity in a market increasingly defined by structural innovation.