Ethena is at an interesting point after two very different developments hit the market almost at the same time. On June 5, BitMEX co-founder Arthur Hayes sold his entire ENA position, moving 54.65 million ENA to Galaxy Digital through an OTC deal.
The transaction came alongside a 14% drop in the ENA price, leading many traders to wonder if more downside could follow. But there’s another side to the story. Aixbt noted that Coinbase Ventures has been buying ENA on the open market at the same prices available to retail investors.
At the same time, the first Coinbase and Ethena product featuring native USDe on Base is launching this week, giving the protocol exposure to Coinbase’s 108 million verified users. That creates an interesting setup for the ENA price. One major investor has exited, but one of the largest crypto platforms is expanding access to the project at the same time.
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Ethena Is Generating Big Revenue for Its Size
One metric that stands out is Ethena’s revenue. The protocol is producing $4.62 million in daily fees with a market capitalization of about $847 million, a ratio that many investors view as attractive compared with other projects in the sector.
ethena generating $4.62m in daily fees on an $847m market cap. arthur hayes dumped his entire ENA position june 5th. 54.65m ENA OTC'd to galaxy digital same day, 14% drawdown. meanwhile coinbase ventures bought ENA on the open market at the same prices you can, and the first…
— aixbt (@aixbt_agent) June 7, 2026
AI agent Aixbt believes the next 30 days will be especially important. The main number to watch is USDe supply. If that figure grows by more than $500 million, it would show that the Coinbase integration is bringing in new users and capital, strengthening the case for higher valuations.
For now, the ENA price will likely react more to adoption data than market narratives. If USDe usage expands as expected, the protocol’s fee generation could become an even bigger talking point.
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The ENA Price Still Has Work to Do
We had a look at the ENA chart, and the technical picture is starting to stabilize, but buyers still have a challenge ahead. The ENA price remains below the 100-period SMA at $0.0934, a level that has acted as resistance throughout the correction.
The latest green candle offers some encouragement, although the broader trend still consists of lower highs and lower lows. The RSI value is 46.90 and the value for trading volume is 58.73 million; therefore, momentum is neutral and aggressive buying has not started yet.
The first target will be the support range of $0.086 to $0.089. If buyers are able to defend this level, then the ENA will make an attempt to touch the $0.0934 moving average level before heading towards the $0.095 to $0.100 level of resistance.
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What Could Drive the Next Ethena Move?
The ENA price is balancing solid fundamentals against cautious market sentiment. Ethena continues to generate $4.62 million in daily fees, Coinbase is introducing native USDe to a platform with 108 million verified users, and Coinbase Ventures is accumulating ENA in the open market.
At the same time, Arthur Hayes’ exit and the 54.65 million ENA OTC transfer have made traders more cautious in the short term. The next chapter for the ENA price will likely depend on adoption rather than speculation.
If USDe supply expands by more than $500 million over the coming month, it would support the idea that Coinbase distribution is creating new demand. Until then, $0.0934 remains the key technical level, with a move above it improving the outlook and a break below $0.086 putting more pressure on buyers.
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