- Ethena posted its largest wallet growth in over three months
- ENA whale activity reached its highest level in five weeks
- Grayscale and fee switch hype boosted Ethena market attention
Ethena recorded its strongest burst of network growth in more than three months as whale activity around ENA accelerated sharply. Data from Santiment showed a major rise in newly created wallets on May 12, while large transactions involving ENA climbed to their highest level in five weeks. The activity spike comes as traders position for several major Ethena developments tied to governance and institutional adoption.
Ethena Whale Activity Climbs Ahead of Fee Switch Vote
Santiment linked the renewed interest in Ethena to a string of important events that unfolded over the past week. One of the biggest catalysts came on May 7, when Grayscale added ENA to its DeFi Fund with a 13.59% weighting. The move increased institutional exposure to Ethena and likely contributed to fresh wallet creation from custodial platforms.
Attention intensified further after a $310 million USDC transfer connected to an Ethena-linked wallet surfaced on May 8. The following day, LayerZero suspended one of its bridges, keeping Ethena at the center of market discussion.
The upcoming Ethena fee switch has also become a major talking point. The Ethena Foundation confirmed that all risk committee requirements have now been satisfied. A governance vote involving ENA holders is expected soon. Historically, whale accumulation tends to increase before key DeFi governance events, especially when protocol revenue distribution is involved.
Ethena Recovery Faces Pressure Despite Rising Adoption Signals
Despite the strong rise in activity, ENA still trades far below its 2025 highs. The token has dropped more than 85% since peaking in August 2025 during the broader crypto market correction.
Still, recent data suggests sentiment around Ethena may be stabilizing. Over the past month, ENA posted gradual recovery gains before renewed market selling erased part of the move. Even after the pullback, the token remains modestly higher monthly.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
