Citing AMBCrypto, Ethena (ENA) has experienced significant net outflows of $5.72 billion between October 11 and November 12, 2025, leading to a 10% price drop and a decline in Total Value Locked (TVL) to $8.581 billion. The asset's on-chain activity has weakened, with falling protocol revenue and increased selling pressure from token unlocks and investor withdrawals. Daily USD inflows have turned negative, and recent data shows ENA’s average daily earnings dropped from $109,462 in Q3 to $8,987 in Q4.
Ethena Records $5.72B Outflows Amid Falling TVL and Revenue
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