- Ethena’s native token, ENA, saw its price drop as Bitcoin fell below $79,000.
- The slight decline occurred despite ENA recording a 5-week high in whale activity.
- Prices could fall further, but BTC recovery could boost ENA.
Ethena (ENA) price faced downward pressure today, falling nearly 4% to intraday lows of $0.11, as Bitcoin faced a renewed sell-off amid macroeconomic headwinds.
This decline appeared even as on-chain metrics indicated strong interest from large holders.
Analysts say the move highlights the disconnect between whale behavior and short-term price action.
Athena reached a 5-week high in whale activity
On-chain data shows that the Ethena ecosystem has managed remarkable momentum.
For example, the network just achieved its largest daily network growth in over three months.
Not only has the platform seen a surge in new wallet creations, it has seen ENA whale activity rise to a five-week peak, with this aligned with increased interest fueled by several bullish catalysts.
📈 Ethena just saw its biggest day of network growth (new wallets created) in over 3 months. In addition, $this Whale activity has just reached its highest level in 5 weeks. Why? There were a series of high-impact events that converged in the days leading up to May 12:
🎯 Grayscale… pic.twitter.com/ZMZf0BZgkN
– Santiment Intelligence (@SantimentData) May 13, 2026
According to Santiment, one of the main drivers was Grayscale’s decision on May 7 to integrate ENA into its DeFi fund.
Ethena also recently saw a massive $310 million transfer through USDC, a transaction that injected new liquidity and attracted widespread attention.
Santiment 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.
Adding to the optimism, the Athena Foundation recently confirmed that all conditions set by its risk committee to activate the “fee switch” have been met.
This mechanism, designed to distribute protocol fees to stakeholders, awaits a governance vote from ENA holders in the coming days.
The whale’s positioning ahead of the pivotal vote helped ENA prices rise to highs of $0.14 on May 10.
Why did the ENA price decrease?
Despite positive catalysts, ENA price has succumbed to broader market dynamics.
Both the RSI and MACD on the 4-hour chart indicate that prices may fall further.
On May 13, cryptocurrency sentiment deteriorated following the release of US Producer Price Index (PPI) data.
This came amid more fears than expected and exacerbated fears of continued inflation and delayed interest rate cuts.
US stocks fell, and Bitcoin, the leader in the cryptocurrency sector, fell below $79,000 during intraday trading.
The declines pulled the bulls back to levels seen after Tuesday’s Consumer Price Index (CPI) report.
BTC prices were earlier It bounced back above $81,000.
The macroeconomic-driven risk aversion extended across altcoins, with Ethereum falling near $2,250, Solana falling to $90, and Ripple (XRP) topping below $1.50.
Several DeFi tokens reflected the weakness, including ENA, which traded off intraday highs of $0.12.
Taking profits could extend losses to the support at $0.10.
While the decline impacts ENA’s short-term outlook, the network’s fundamentals and overall market outlook could position the token for a potential recovery.
