ENA Token Unlock 94 Million: Ethena Price Prediction After Core Contributor Liquidation

The ENA token unlock has once again drawn the attention of the crypto market after Ethena’s vesting schedule indicated a large release of supply in early July 2026. 

According to Tokenomist data, the next Ethena unlock is scheduled for July 2, 2026, and is intended for Core Contributors, while DropsTab notes that the unlock event will involve approximately 94.19 million ENA—about 0.63% of the total supply—with a value of approximately US$6.73 million at a price of around US$0.0715.

Key Takeaways

• The ENA token unlock of approximately 94 million tokens has the potential to add supply pressure, but the impact depends largely on whether token recipients immediately sell or hold.
• ENA's price in the range of US$0.071–US$0.072 puts the market in a sensitive area, especially since weekly and monthly performance remains weak according to DropsTab data.
• ENA price predictions after unlock should be read as scenarios, not certainties, because unlocks can already be priced in before the release date.

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What is ENA Token Unlock?

ENA token unlock is the process of releasing ENA tokens that were previously locked according to a vesting schedule. Locked tokens are typically allocated to various groups, such as the core team, investors, the foundation, ecosystem development, or community incentives.

In the context of Ethena, unlocking is important because ENA has a large total supply of 15 billion tokens. 

Tokenomist reports that Ethena’s circulating supply is approximately 9.293 billion ENA, or about 61.96% of the total supply, while the remainder will be released according to the vesting schedule. 

In simple terms, unlock tokens can affect prices because:

1. The circulating supply increases.
2. Token recipients have the potential to sell part of their holdings.
3. Short-term traders often react first before the unlock occurs.
4. Market sentiment can change even if there is no real selling pressure.
5. Market makers and large investors can adjust their positions ahead of the unlock.

However, it's important to note: unlocking doesn't always mean a price drop. In many cases, the market anticipates this event days or weeks in advance.

Read also: Analysts Predict These Altcoin Prices Will Rise High: XRP, Polygon, Ethena, and ALGO

Detail ENA Token Unlock 2 July 2026

According to Tokenomist data, the next unlock for Ethena is scheduled for July 2, 2026, and will be released to Core Contributors. 

Tokenomist also notes that Ethena uses a cliff vesting mechanism, particularly for the Core Contributors’ allocation, which means tokens are released after a specific waiting period and could create a significant supply event.

Meanwhile, DropsTab records a “Next Unlocking Event” of 94.19 million ENA, equivalent to 0.63% of the total supply, with an estimated value of approximately US$6.73 million, or about 1.01% of the market cap at the time the data was displayed.

There's one thing to note: token unlock aggregator data can sometimes have different labels, times, or round distributions. DropsTab itself notes that vesting details on its platform may not always be completely accurate.

Therefore, readers should use data from Tokenomist, DropsTab, and official project sources for comparison before making a decision.

Read also: Ethena (ENA) Coin Launches 2025 Roadmap

Why is ENA Core Contributor Unlock Important?

The ENA core contributor unlock is important because tokens going to the core contributor group are usually considered more sensitive than community unlocks or ecosystem incentives.

The reason is quite simple:

1. The number of tokens is usually large
   Core contributors often receive significant allocations because they are the ones who built the protocol from the start.
2. Market is worried about selling pressure
   If tokens are accepted internally, traders often ask: will they sell for profit realization?
3. The psychological effect can be greater than the actual effect.
   Even before the tokens are actually sold, market concerns could trigger speculative selling.
4. Unlock could influence the short-term narrative
   When prices are weak, a large unlock can strengthen bearish sentiment.
5. Liquidity is the main factor
   If trading volume is large enough, the market may be able to absorb the unlock. However, if liquidity is thin, the additional supply could be more noticeable.

According to Tokenomist, Ethena's allocation includes Core Contributors of30%, Ecosystem Development 28%, Investors 25%, Foundation 15%, and Binance Launchpool2%This shows that Core Contributors are one of the largest allocation groups in ENA tokenomics.

Read also: Ethena Launches UStb Stablecoin, Backed by BlackRock BUIDL and Securitize

ENA Tokenomics: What Do Investors Need to Understand?

Before discussing ENA price predictions after the unlock, investors need to understand its basic tokenomics. Tokenomics is the economic structure of a token, including its total supply, allocation, vesting, unlock schedule, and potential supply inflation.

For ENA, some of the key points are:

1. Total ENA supply: 15 billion tokens
   This amount is the maximum supply limit used in calculating FDV.
2. Circulating supply is around 9.29 billion ENA
   Tokenomist and DropsTab both show ENA's circulating supply to be around 9.29 billion tokens.
3. Most of the supply has been unlocked, but the remaining locked supply is still large.
   Tokenomist noted that around 61.96% of the supply has been unlocked, while DropsTab noted that vesting progress is around 62.13%.
4. Unlock schedule continues until 2028
   Tokenomists say the full Ethena unlock schedule runs until 2028, meaning dilution risk remains a factor to monitor in the medium term.
5. ENA uses a combination of cliff and linear vesting
   Tokenomist highlights cliff vesting for Core Contributors, while DropsTab displays several vesting categories such as linear and nonlinear vest.

In other words, ENA isn't just influenced by technical charts. Supply structure and vesting schedules can also be important catalysts.

Read also: Ethena Delays Launch of Ethena Season 2 Airdrop Inspection Page

ENA Price Prediction After 94 Million Token Unlock

ENA’s price forecast following the unlock of 94 million tokens should be considered under several scenarios. At the time of this report, ENA’s price was around US$0.0715 according to DropsTab and around US$0.072 according to Tokenomist.

Here's the most plausible scenario:

1. Bearish Scenario: ENA Drops After Unlock

A bearish scenario occurs if the unlock triggers significant selling pressure. This could happen if token recipients sell a large portion of their tokens on the open market, or if retail traders panic-sell due to fear of increased supply.

In this scenario, ENA could retest the lower area near US$0.070 or even move lower if the overall crypto market sentiment weakens.

Factors supporting the bearish scenario:

• ENA price has weakened in the 7 day and 1 month periods according to DropsTab.
• Unlocking millions of dollars can increase supply in the short term.
• Sentiment towards unlock tokens is usually negative when the market is risk-off.
• Traders can sell before the event, then wait for the price to stabilize.

2. Neutral Scenario: ENA Price Sideways

A neutral scenario occurs when the market anticipated the unlock from the outset. Under these conditions, selling pressure from the unlock isn't particularly surprising because traders have already positioned themselves.

The ENA price could move sideways in the range of US$0.070–US$0.075 as long as trading volume is able to absorb the additional supply.

Factors supporting a neutral scenario:

• The unlock value is around 1% of the market cap according to DropsTab, so it's not necessarily big enough to change the trend alone.
• Unlock schedule is now public.
• Large holders may not sell immediately.
• Market makers can maintain liquidity if the order book is deep enough.

3. Bullish Scenario: ENA Rebounds After Unlock

A bullish scenario could occur if the unlock is already priced in and there's no significant selling pressure after the tokens are liquidated. Under these conditions, traders who were previously short or waiting on the sidelines could re-enter the market.

A rebound is also possible if Ethereum receives a positive catalyst, such as USDe growth, new integrations, increased revenue, or improved DeFi sentiment.

Factors supporting the bullish scenario:

• Unlock completed without any major sell-off.
• Buying volume increased after the event.
• Prices managed to stay above the psychological support area.
• Ethena's narrative as a DeFi protocol remains strong.

Read also:Update! Ethena (ENA) Price Prediction 2024–2035 Complete with Investment Strategy

Is ENA Token Unlock Already Priced In?

It's likely that some of the unlock's impact has already been priced in, especially since the Ethena token unlock schedule is publicly available on platforms like Tokenomist and DropsTab. Professional traders typically don't wait for the unlock date to react; they start adjusting their positions several days in advance.

However, pricing in doesn't mean risk is gone. There are two phases to consider:

1. Pra-unlock
   Prices may fall due to negative anticipation.
2. Unlock day and after
   Prices can fluctuate depending on whether the token actually enters the exchange and is sold.
3. Post-unlock
   If there is no major selling pressure, prices may stabilize or rebound.

So, the more appropriate question is not just “does the unlock make ENA go down?”, but “how much of this new supply is actually entering the market?”

Factors to Monitor After ENA Unlock

For a more accurate analysis, don't just look at the number of unlock tokens. Also, monitor the following indicators:

1. ENA trading volume
   If volume rises at the same time as price falls, selling pressure may be real.
2. Big wallet movement
   Transferring tokens from a vesting wallet to an exchange could be a sell risk signal.
3. Funding rate dan open interest
   If many short positions accumulate, the potential for a short squeeze also opens up.
4. Support nearest price
   The area around US$0.070 is psychological because it is close to the unlock price.
5. Bitcoin and Ethereum Conditions
   ENA rarely moves alone. If the primary market weakens, the impact of the unlock could be even more pronounced.
6. Ethena's latest news
   Fundamental catalysts could offset supply pressure.
7. Next unlock schedule
   As ENA vesting continues, investors need to look not just at one event, but at a series of unlocks going forward.

Read also: Ethena: Using USDe for Risky Betting is Harmless

ENA Risk After Cliff Vesting

ENA cliff vesting is a concern because the token release can feel larger than small daily vesting. With cliff vesting, tokens aren't released gradually from the start, but rather wait a certain period before being unlocked in significant amounts.

The main risks include:

• Dilution risk, because the circulating supply increases.
• Sell pressure, if the token recipient sells.
• Sentiment risk, because the market considers the unlock as a bearish signal.
• Liquidity risk, if the order book is not strong enough.
• Volatility risk, especially in the 24–72 hours around unlock.

However, cliff vesting isn't always negative. If the token recipient is actively developing the project, they may choose to hold the tokens long-term.

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Is ENA Still Interesting After Unlock?

ENA could still be attractive to investors who believe in Ethereum's growth, but timing is crucial. The 94 million token unlock isn't the only factor determining the price, but it's certainly a variable that shouldn't be overlooked.

Short-term investors typically focus on:

• Price reaction within 24 hours after unlock.
• Selling volume on the exchange.
• Breakout or breakdown from the support area.
• General crypto market sentiment.

While long-term investors need to pay more attention to:

• USDe usage growth.
• Revenue protocol.
• Ecosystem integration.
• Token dilution risk until 2028.
• Token distribution among stakeholders.

With ENA's price hovering around US$0.071–US$0.072 at the time of publication, the risk-reward ratio appears sensitive. A rebound is possible, but supply pressure from vesting still needs to be considered.

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Strategy for Reading ENA Prices After Unlock

Here's a safer approach to reading ENA movements after unlock:

1. Don't just buy because the price looks cheap
   Low prices can be an opportunity, but they can also reflect supply risks.
2. Wait for volume confirmation
   A healthy rebound is usually supported by an increase in buying volume.
3. Monitor transfers to exchange
   If the unlock token goes directly to the exchange, the risk of selling increases.
4. Compare unlock with market cap
   Unlocking around 1% of the market cap can still be absorbed, but it still depends on liquidity.
5. Use scenarios, not single predictions
   Crypto is too volatile to predict with a single exact number.
6. Please note the next vesting schedule.
   ENA still has some locked supply remaining, so the next unlock remains relevant.
7. Use risk management
   Don't put all your capital based on just one tokenomics event.

Conclusion

The unlock of approximately 94 million ENA tokens in early July 2026 is a significant event because it occurs while the price of Ethena is in the low range of around US$0.071–US$0.072. 

Tokenomist data shows an unlock on July 2, 2026, for Core Contributors, while DropsTab records an unlock event of approximately 94.19 million ENA with a value of around US$6.73 million.

Predicting the ENA price after the unlock cannot be concluded with a single answer. A bearish scenario is possible if the tokens are listed on exchanges and sold off in large quantities. 

A neutral scenario may occur if the unlock is already priced in. Meanwhile, a bullish scenario could emerge if there is no significant selling pressure and the market views the unlock as a completed event.

For traders and investors, the wisest course of action is to monitor volume, wallet activity, price support levels, and the next vesting schedule. Don’t just focus on the unlock figures; instead, gain a comprehensive understanding of Ethena’s tokenomics.

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FAQ

What is ENA token unlock?

ENA token unlock is the release of ENA tokens previously locked under a vesting schedule. Once unlocked, the tokens can be traded or potentially entered the market.

How many ENA will be unlocked in July 2026?

DropsTab recorded an unlock event of approximately 94.19 million ENA, equivalent to approximately 0.63% of the total supply. Tokenomist noted the next Ethena unlock will be on July 2, 2026, for Core Contributors.

Will ENA price definitely go down after unlock?

It's uncertain. Prices could fall, move sideways, or rebound depending on actual selling pressure, market conditions, and whether the unlock is priced in.

Why is core contributor unlock considered important?

Core contributor unlocks are important because this group holds a significant allocation to ENA's tokenomics. If some tokens are sold, the market could experience supply pressure.

How long does ENA vesting last?

Tokenomists say Ethena's full unlock schedule runs until 2028. This means investors still need to monitor the risk of dilution in the medium term.