As per Biji.com, Ethena (ENA) has experienced a 10% price decline amid a 572 million USD net outflow between October 11 and November 12, 2025. The drop is attributed to token unlocks, declining revenues, and heavy investor selling. During the same period, Ethena’s total value locked (TVL) fell to 858.1 million USD. Protocol revenue also dropped sharply, with daily earnings falling from 109,462 USD in Q3 to just 8,987 USD in Q4. On-chain data shows reduced investor interest, with 456,000 USD worth of tokens unlocked on November 8, and daily airdrop distributions averaging 149,858 USD. DeFiLlama reported a negative 46 million USD inflow, confirming the ongoing sell-off trend.
Ethena Faces 572M USD Outflow, ENA Price Drops 10%
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