ENA Rises 5% on Unlock Day as Supply Count Jumps to 13.4B
Ethena's ENA rose about 5% to $0.2532 on its 5 October 2026 unlock day, while trackers raised its circulating supply by 3.31 billion to 13.41 billion.
Ethena's ENA token rose about 5% on Monday, 5 October 2026, the day its remaining early-investor tokens unlocked and the lock-up on StablecoinX's ENA ended. ENA was at $0.2532 (about ₹24.4) at 21:31 UTC, up 5.3% in 24 hours. Major price trackers raised its circulating supply from about 10.10 billion to 13.41 billion ENA the same day.
Key takeaways
- ENA traded between $0.2365 and $0.2627 on 5 October. The main rise came between 07:00 and 08:00 UTC (12:30 to 1:30 pm IST).
- Volume on the main ENA/USDT spot market reached about $61 million by 22:00 UTC, more than double Sunday's $26 million.
- The circulating count rose by about 3.31 billion ENA, or 32.8%. Ethena has not published an exact count of the tokens released.
- ENA's market value jumped to about $3.39 billion, mostly because more tokens were counted, not because of buying.
- StablecoinX's roughly 3.03 billion ENA are free of lock-up, but any sale still needs the Ethena Foundation's written consent.
What happened to ENA on unlock day
ENA's unlock day did not bring the sell-off many traders had prepared for. The token had fallen about 6% on Saturday, 3 October, to about $0.232, as our report on ENA's fall before the unlock explained. On Monday it opened at $0.2414 at 00:00 UTC, dipped to $0.2365 in the Asian morning, then climbed to $0.2532 within an hour from 07:00 UTC. It touched $0.2627 between 11:00 and 12:00 UTC (4:30 to 5:30 pm IST) before easing. At 21:31 UTC it was about 9% above Saturday's level.
Two supply events fell on the same day. In August the Ethena Foundation pulled all remaining investor tranches, originally due monthly until March 2028, into a single 5 October release, after buying out most early investors who had sold since the October 2025 peak. Separately, the lock-up ended on about 3.03 billion ENA held by Nasdaq-listed StablecoinX, under a waiver it disclosed to the US SEC in September. StablecoinX still needs the Foundation's written consent and must give at least five business days' notice before any sale.
The ENA unlock numbers
ENA's supply figures depend on who is counting, because Ethena has not published an exact token count for the 5 October release. Unlock calendars that still follow the old monthly schedule list 171.88 million ENA for the day: 93.75 million for core contributors and 78.13 million for investors. Estimates based on the accelerated investor schedule put the investor release near 1.4 billion ENA, before the Foundation's buyouts. Major price trackers, which decide what they treat as circulating, added about 3.31 billion ENA on 5 October.
| ENA on 5 October 2026 | Figure |
|---|---|
| Price at 21:31 UTC | $0.2532 (about ₹24.4) |
| 24-hour change | +5.3% |
| Day range (UTC) | $0.2365 to $0.2627 |
| Circulating supply before the unlock | 10.10 billion ENA |
| Circulating supply at 21:40 UTC | 13.41 billion ENA |
| Increase | 3.31 billion ENA (+32.8%) |
| Maximum supply | 15 billion ENA |
| Market value at 21:31 UTC | About $3.39 billion |
ENA's market value was about $2.44 billion at the day's open, so most of the rise came from counting more tokens rather than from new money. That is why market value alone can mislead after an unlock; our guide on market cap in crypto explains the maths.
Why the ENA unlock matters for Indian investors
The ENA unlock shows that a large unlock date does not always bring a falling price, but the risk has not gone away. Tokens freed on Monday can still be sold in the coming days and weeks, and 13.41 billion of the 15 billion maximum now count as circulating. Monday's own range was about 11% from low to high, which is normal for ENA. Our explainer on how token unlocks work covers why prices often move before and after these dates.
The live price is ₹24.08 on our Ethena price in INR page. If you buy, use an exchange registered with FIU-IND; our guide on how to buy Ethena in India covers the steps. Gains are taxed at a flat 30% plus 4% cess, 1% TDS applies on transfers, and losses cannot be set off against other income, as our crypto tax guide explains.
What to watch next for ENA
- Wallet moves: large ENA transfers from investor wallets to exchanges in the days after 5 October.
- StablecoinX: any notice of a sale, and whether the Foundation uses its right to buy those tokens itself.
- USDe supply: Ethena's ENA buyback plan starts only when its USDe dollar token reaches $7.5 billion. USDe was about $4.9 billion on 5 October; track it on our USDe price page.
- Official figures: an exact count from the Ethena Foundation of how many investor tokens were released.
FAQ
Did the Ethena (ENA) unlock happen on 5 October 2026?
Yes. The remaining original investor tokens were due on 5 October 2026 and StablecoinX's lock-up ended the same day. Price trackers raised ENA's circulating supply to about 13.41 billion that day.
Why did ENA go up after the unlock?
ENA rose about 5% in the 24 hours to 21:31 UTC on 5 October, and trading volume more than doubled, so buying outweighed selling on the day. Freed tokens can still be sold later, so the risk of swings remains.
How many ENA tokens are in circulation now?
About 13.41 billion ENA as of 21:40 UTC on 5 October 2026, out of a maximum of 15 billion, up from about 10.10 billion before the unlock.
This article is AI-assisted, educational and general in nature. It is not financial advice and never a guarantee of profit. Every trade is at your own risk on your own exchange. See our risk disclosure and editorial policy.
