Ethena Surges to December 2025 Levels as Whale Buying Fuels Optimism

Ethena (ENA) has been on a tear in recent days, reaching levels not seen since December 2025. On September 26th, ENA climbed to $0.28, its highest point since that time. The altcoin's price action was likely influenced by the expansion of Ethena's yield reserve using Binance bStocks and USDT, which drew significant market attention.

However, the price has since retraced to around $0.27 at press time. Despite this, trading activity on September 27th plummeted 57%, indicating reduced market activity. This dip in activity may be due to whales repositioning themselves ahead of Ethena's ecosystem expansion to RWA.

One whale in particular has made a significant purchase, withdrawing $5.13 million worth of ENA from various exchanges. This move suggests optimism among high-net-worth investors and indicates that they expect the rally to continue.