ENA Price: Despite 5-week whale activity, ENA is down
Eterna's native token, ENA, saw its price decline as Bitcoin fell below $79,000.
Despite ESA's 5-week peak in whale activity, moderate inundation has occurred.
Prices may fall further, but a rebound for BTC may raise the ENER.
Ethena ( ESA ) prices came under downward pressure today, with bitcoin down nearly 4% to $0.11 as bitcoin struggles with renewed selling amid macroeconomic headwinds.
This decline was seen as metrics across the chain showed strong demand from large owners.
Analysts say the move highlights the link between whale behavior and short-term price action.
Etna hits a 5-week high in whale activity.
On-chain data shows that Athena's ecosystem has taken over significant activity.
For one, the network posted its biggest daily network growth in more than three months.
Not only has the platform been boosted by new wallet innovations, it has also boosted INA's whale activity to five weeks.
📈 Etena has seen the biggest network growth (new wallet created) in over 3 months. Additionally, $ENA's well movement hit a 5-week high. why? In the days leading up to May 12, there were a series of high-impact events:
🎯 Grayscale… pic.twitter.com/ZMZf0BZgkN
— Santiment Intelligence (@SantimentData) May 13, 2026
According to Sentiment, one of the main drivers was Grayscale's May 7 decision to include ENN in the DeFi Fund.
Athena also recently saw a massive $310 million transaction, a transaction that injected fresh liquidity and drew widespread attention.
Sentiment's focus on ESA further increased when LayerZero announced a temporary bridge ban on May 9, putting Itena at the forefront of DeFi discussions.
On the bright side, Etena Foundation recently confirmed that all the conditions specified by the risk committee to activate the “payment switch” have been met.
This mechanism, designed to distribute protocol fees to stakeholders, awaits a governance vote by ESA holders in the coming days.
A whale position ahead of the crucial vote helped ESA rise to $0.14 on May 10.
Why did the price of ESA decrease?
Despite positive factors, ENA prices succumbed to broader market volatility.
Both RSI and MACD on the 4-hour chart suggest that prices may fall further.
On May 13, crypto sentiment soured following the release of US Producer Price Index (PPI) data.
This comes amid warmer-than-expected and sustained inflation and fears of a slower pace of slowdown.
US stocks slipped, and bitcoin, the bellwether of the crypto sector, fell below $79,000 in intraday trading.
The decline means bulls retreated to levels seen following Tuesday's Consumer Price Index (CPI) report.
The price of BTC rose above $81,000 earlier.
This macro-driven risk-off sentiment has rubbed off on altcoins, with Ethereum near $2,250, Solana sliding to $90 and XRP closing below $1.50.
Many DeFi tokens reflected the weakness, including EN, which was trading as high as $0.12.
Profit taking could extend losses to $0.10 support.
While the doublet may affect the ESA's short-term outlook, network fundamentals and the overall market outlook may present an opportunity for recovery.
