![\"Ethena](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2025\/06\/Gains-Network-GNS-down-19-today-Is-it-the-end-of-its-recovery.png\")
\n<\/picture> <\/div>\n<\/p><\/div>\n- \n
- Ethena\u2019s native token, ENA, saw its price decline as Bitcoin slid below $79,000<\/span><\/li>\n
- The slight dip happened despite ENA notching a 5-week high in whale activity.<\/span><\/li>\n
- Prices could fall further, but a rebound for BTC could boost ENA.<\/span><\/li>\n<\/ul>\n
Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin grappled with renewed selling amid macroeconomic headwinds.<\/p>\n
This decline unfolded even as on-chain metrics signaled robust interest from large holders.<\/p>\n
Analysts say the move highlights a disconnect between whale behavior and short-term price action.<\/p>\n
Ethena hits 5-week high in whale activity<\/h2>\n
On-chain data shows Ethena\u2019s ecosystem has managed notable momentum.<\/p>\n
For one, the network just hit its largest daily network growth in over three months.<\/p>\n
The platform did not just see a surge in new wallet creations, but had ENA whale activity surging to a five-week peak, with this aligning with heightened interest bolstered by several bullish catalysts.<\/p>\n
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\ud83d\udcc8 Ethena has just seen its largest day of network growth (new wallets created) in over 3 months. Additionally, $ENA<\/a> whale activity has just hit a 5-week high. Why? There has been a series of high-impact events that converged in the days leading up to May 12th:<\/p>\n
\ud83c\udfaf Grayscale\u2026 pic.twitter.com\/ZMZf0BZgkN<\/a><\/p>\n
\u2014 Santiment Intelligence (@SantimentData) May 13, 2026<\/a><\/p>\n<\/blockquote>\n
According to Santiment, one of the key drivers was Grayscale\u2019s decision on May 7 to incorporate ENA into its DeFi Fund.<\/p>\n
Ethena also recently saw a massive $310 million USDC transfer, a transaction that injected fresh liquidity and drew widespread attention.<\/p>\n
Santiment has also highlighted that the spotlight on ENA increased further when LayerZero announced a temporary bridge suspension on May 9, keeping Ethena at the forefront of DeFi discussions.<\/p>\n
Adding to the optimism, the Ethena Foundation recently affirmed that all conditions outlined by its Risk Committee for activating the \u201cfee switch\u201d have been satisfied.<\/p>\n
This mechanism, designed to distribute protocol fees to stakers, awaits a governance vote from ENA holders in the coming days.<\/p>\n
The whale positioning ahead of the pivotal vote helped ENA price pump to highs of $0.14 on May 10.<\/p>\n
Why\u2019s ENA price down?<\/h2>\n
Despite the positive catalysts, ENA\u2019s price succumbed to broader market dynamics.<\/p>\n
Both RSI and MACD on the 4-hour chart suggest prices could fall further.<\/p>\n
![\"Ethena](\"https:\/\/coinjournal.net\/wp-content\/uploads\/2026\/05\/ethena-ena-chart.png\")
Ethena price chart<\/a> by TradingView<\/figcaption><\/figure>\n On May 13, crypto sentiment soured following the release of U.S. Producer Price Index (PPI) data.<\/p>\n
This came in hotter-than-expected and exacerbated fears of persistent inflation and delayed rate cuts.<\/p>\n
US stocks slid, and Bitcoin, the crypto sector\u2019s bellwether, tumbled below $79,000 during intraday trading.<\/p>\n
Declines meant bulls retreated to levels seen following Tuesday\u2019s Consumer Price Index (CPI) report.<\/p>\n
- The slight dip happened despite ENA notching a 5-week high in whale activity.<\/span><\/li>\n