Ethena Surges 148% as Whale Accumulation and $260M Buybacks Drive Momentum

Ethena (ENA) has seen a sharp price increase in early August 2025, driven primarily by whale accumulation and an ongoing $260 million buyback program. According to on-chain data, major holders have increased their ENA positions by 30.19% over the past three months, with a 0.21% rise in just the past week. This sustained accumulation is reducing sell-side pressure and demonstrating long-term confidence in Ethena’s synthetic dollar model [1]. The buyback program, operating at approximately $5 million per day, has already absorbed about 8% of the token’s circulating supply since July 21.

Ethena’s USDe stablecoin supply has grown by 30% since July 17, reaching $9.66 billion and becoming the third-largest stablecoin by market cap. The launch of the GENIUS Act-compliant USDtb variant, which is 90% backed by BlackRock’s BUIDL fund, has further accelerated institutional adoption. The participation of Anchorage Digital has added regulatory credibility, addressing concerns about peg stability and compliance [2]. These developments suggest a maturing infrastructure and broader acceptance of Ethena’s stablecoin offerings.

On the technical front, ENA has reclaimed its 50-day EMA at $0.516 and broken through the $0.65 resistance level. Analysts note that the MACD histogram has turned positive, and the RSI remains below overbought territory, suggesting the current upward trend is still in an early breakout phase. According to on-chain analyst Ali from @ali_charts, the current bullish flag pattern could potentially push the price toward $1.50. However, the next critical resistance lies at the 78.6% Fibonacci retracement level at $0.812. A close below $0.60 would undermine the bullish case [3].

Looking ahead, investors are expected to closely monitor the daily execution rate of the buyback program and the activity of major holders, as both remain pivotal to the token’s supply dynamics. Additionally, regulatory updates regarding USDe’s expansion and the pace of institutional adoption will be key indicators of Ethena’s future trajectory. Sustained momentum could potentially lead the token toward the $1 level and beyond [4].

The price of ENA has more than doubled since early July, rising from around $0.25 to a peak of nearly $0.62 by early August. This performance contrasts with the broader crypto market, which has remained in a sideways pattern, underscoring the token’s relative strength and unique positioning [5].

Ethena has also taken steps to enhance transparency by auditing its on-chain reserves, an initiative likely to reinforce investor confidence and support further accumulation [6]. These actions, combined with whale and institutional activity, suggest a favorable environment for the token’s continued growth.

Source:

[1] CoinMarketCap, Ethena (ENA) Surges on Whale Accumulation and Massive Buyback, https://coinmarketcap.com/community/articles/68975a30f13afc4995fc73a1/

[2] BitcoinChaser, ENA Coin Price Surge in July 2025: Why Ethena Token..., https://bitcoinchaser.com/ena-coin-price-surge-in-july/

[3] Binance Square, Why ENA is Pushing Higher: A Binance Square Breakdown, https://www.binance.com/square/post/28000304138522

[4] CryptoWeekly, Ethereum Transaction Volumes Hit Yearly High, https://cryptoweekly.co/news/ethereum-transaction-volume-yearly-high/

[5] Bitget, Ethena(ENA)Price prediction, https://www.bitget.com/price/ethena/price-prediction

[6] CryptoRank, Celestia: Latest News, Social Media Updates and Insights, https://cryptorank.io/news/celestia