Should You Buy Ethena in 2025?

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At HelloSafe, our expert has been monitoring the development of the Ethena cryptocurrency for over three years. Each month, hundreds of thousands of users in the UK trust us to analyse market trends and identify the best investment opportunities. Our analyses are provided for informational purposes only and do not constitute investment advice. In accordance with our ethical charter, HelloSafe has never purchased Ethena or received any compensation from entities associated with its ecosystem.

Ethena at a glance

How much does 1 Ethena cost?

The price of Ethena is up this week. Currently, ENA is trading at £0.24, with a 24-hour increase of 4.02% and a 7-day performance of +3.2%. Ethena’s market cap stands at approximately £1.45 billion, ranking 62nd among digital assets, with an average daily trading volume of £157 million over the past three months. There are 6.08 billion ENA tokens in circulation, representing a market dominance of 0.12% across all cryptocurrencies. As with many digital assets, ENA’s volatility presents both risks and opportunities for UK investors seeking exposure to innovative DeFi solutions.

Our complete review of the cryptocurrency Ethena

Have recent trends in Ethena’s performance, along with its evolution since the 2023 launch, called for a fresh look at this synthetic dollar protocol? Leveraging a fusion of advanced on-chain analytics, technical market signals, macro data and competitive intelligence—processed by proprietary algorithms—our in-depth review aims to uncover Ethena’s strategic position moving into 2025. So, why might Ethena once again represent a pivotal entry point for investors seeking exposure to the DeFi synthetic asset ecosystem?

Recent Performance and Market Context

Price Evolution

Ethena (ENA) has displayed a robust recovery in 2024 and 2025 after sharp volatility marked the late 2023–early 2024 period. As of June 7, 2025, ENA trades at $0.3065 USD, rising by 4.02% over 24 hours and showing a weekly gain of 3.2%. Notably, the yearly appreciation stands at an impressive +67.8%, a figure that contrasts with stagnation among multiple DeFi peers. Following a retracement in autumn 2024—where sentiment around synthetic assets softened—Ethena rebounded decisively, underpinned by surging protocol activity and investor demand.

Positive Recent Developments

• Strategic Partnerships: The December 2024 collaboration with World Liberty Financial (WLFI), a prominent Trump-backed DeFi initiative, along with the subsequent $600,000 ENA acquisition, have fuelled institutional attention.
• sUSDe Collateral Integration: sUSDe, Ethena's yield-bearing product, is now embedded in major DeFi platforms, broadening use cases and liquidity.
• TVL Expansion: Total Value Locked soared from $2.3B in April 2024 to $5.94B, signalling genuine trust and sticky adoption from the DeFi sector.
• Rapid Growth Trajectory: ENA maintains the third-largest stablecoin market cap position (USDe), a testament to mainstream appeal.

Macro and Sector Tailwinds

Ethena benefits from two converging trends. First, regulatory debates in key jurisdictions are tilting favourably toward algorithmic and synthetic stablecoins, especially as institutions seek transparent, yield-bearing alternatives. Second, the synthetic dollar narrative is gaining traction in disinflationary environments, driving capital toward assets promising stable value plus competitive on-chain returns.

Technical Analysis

Key Indicators and Market Structure

• RSI (14-day): 46.6 (neutral—room for upward extension)
• MACD: Slightly bullish, indicating bullish momentum could build near-term
• Moving Averages: ENA is trading above both its 20-day and 50-day moving averages; the 200-day trend remains positive.
• Support zones: $0.27 and $0.29, both recently tested and defended by buyers
• Resistance levels: $0.35 and $0.37. Price momentum and expanding volume profiles suggest that a break above $0.35 could precipitate further upside.

Recent breakout activity from late-stage consolidation, supported by credible exchange trading volumes (24h volume at $171.4M), underscores market conviction. The technical picture positions ENA in a “constructive” footing for medium-term accumulation, particularly as buy-side flows intensify around key moving averages.

Momentum and Short/Mid-Term Outlook

Technical set-ups favour a bullish bias, with continued positive sentiment amplifying potential for price appreciation. If ENA sustains closes above the 50-day MA and challenges the upper resistance band, it may well embark on an accelerated phase of price discovery.

Fundamental Analysis

Adoption and Ecosystem Development

• Protocol Metrics: TVL stands at $5.94B (among the highest in DeFi, indicating deep-rooted user confidence). USDe supply of 5.9B tokens cements Ethena’s relevance.
• Market Cap/TVL Ratio: At ~0.31, ENA is priced attractively relative to DeFi peers—implying residual upside potential if TVL continues to rise.
• Community/Network: An active user base and remarkable protocol revenue from innovative delta-hedging strategies reinforce the long-term sustainability of the project.

Innovation and Competitive Edge

• Technological Leadership: Ethena pioneered the synthetic dollar approach via delta-hedging to maintain peg and generate yield, offering sUSDe holders APYs between 15–37%.
• Integration: sUSDe is now widely accepted as DeFi collateral, a significant milestone for synthetic stablecoin adoption.
• First-mover Status: As a trailblazer in crypto-native dollar solutions, Ethena built significant moats relative to competitors.

Valuation and Volume

With a market cap of $1.86B against a fully diluted valuation of $4.59B, ENA’s risk/reward calculus remains compelling for new capital. Exchange liquidity is excellent, with three-month average daily trading volumes above $200M, confirming high market depth and seamless trade execution.

Dominance and Positioning

ENA ranks among DeFi’s top assets by liquidity, capitalisation, and user engagement. Its ascent to the third-largest stablecoin market cap reflects not just hype, but durable network effects anchored by real-world DeFi integrations.

Catalysts and Positive Outlook

Forthcoming Drivers

• Ecosystem Integrations: Planned roll-outs with additional DeFi protocols in H2 2025 could unlock fresh demand sources.
• Protocol Enhancements: Upgrades to Ethena’s staking and delta-hedging models are in the pipeline, potentially lifting yields and further enhancing capital stickiness.
• Regulatory Support: Ongoing dialogue with global regulators is expected to bring formalisation for synthetic assets—a core unlock for institutional capital.
• Institutional Participation: Major venture and exchange backers (Binance Labs, Delphi Ventures, OKX Ventures) remain actively involved, supporting both liquidity depth and community growth.

Market Sentiment

With risk appetite improving and investors seeking high-yield, low-correlation alternatives to traditional stablecoins, ENA benefits from pronounced cyclical and secular tailwinds. The market’s cautiously optimistic tone is turning decisively positive on every new integration and protocol milestone.

Investment Strategies (By Horizon)

Short-Term (Weeks–1 Quarter)

• Tactical Entry: The $0.29–$0.31 support area presents a solid entry from a risk-adjusted perspective, especially on brief technical pullbacks.
• Catalyst Trading: Participants looking to capture pre-announcement momentum may target protocol update timelines on the 2025 calendar.

Mid-Term (3–12 Months)

• Trend Following: Should ENA sustain closes above $0.35, trend followers could look to compound positions as the breakout structure matures.
• Yield Strategies: Staking via sUSDe offers appealing returns, aligning “hold” income with price upside.

Long-Term (1–5 Years)

• Core Allocation: Ethena’s expanding role within the DeFi ecosystem, combined with operational resilience and TVL leadership, underpins a thesis for strategic, multi-year exposure.
• Asymmetric Upside: Continued protocol innovation and rising DeFi stablecoin demand could see ENA outperform both risk-on and risk-off peers.

Ethena Price Projections

Is Now the Right Moment to Consider Ethena?

Key Strengths Summarised

• Rapidly growing TVL and user base signal robust DeFi product-market fit.
• Strategic integrations with leading DeFi protocols and politically-connected institutions.
• Pioneering delta-hedging and high-yield mechanisms set Ethena apart technologically.
• Attractive current valuation relative to intrinsic network and protocol growth.
• Strong liquidity depth and institutional participation ensure competitive execution.
• A clear roadmap for further integrations, protocol upgrades, and expanding utility.
• Increasing regulatory clarity and positive macro tailwinds for synthetic stablecoins.

With a confluence of credible technical signals, surging ecosystem fundamentals, and a near-term pipeline packed with catalysts, Ethena seems to represent an excellent opportunity for exposure to the next wave of DeFi adoption. The foundational strengths identified—especially in the context of growing institutional legitimacy and expanding real-world use cases—justify renewed attention from both nimble and strategic investors.

Ethena remains a high-volatility cryptocurrency with substantial dynamic upside, requiring disciplined risk management. The latest price acceleration underscores Ethena’s capacity for rapid revaluation, yet evolving macro conditions highlight the necessity for selectivity. Key technical levels to monitor are $0.29 as immediate support and $0.35 as the primary short-term resistance. Looking ahead, the forthcoming protocol update set for Q3 2025 could prove a decisive catalyst for Ethena’s long-term trajectory. For investors seeking both yield and innovation in DeFi, Ethena is poised to remain a centrepiece opportunity in the synthetic asset universe.

How to buy Ethena?

It’s simpler and more secure than ever to buy Ethena (ENA), thanks to regulated online platforms now available to UK investors. You have two main options: a direct “spot” purchase for real ownership, or trading Ethena’s price movements using crypto CFDs (Contracts for Difference), which allows leverage but does not grant you actual coins. Each method has its own benefits and risk profile—further down this page, you’ll find a detailed comparison of popular platforms to help you choose the right one for your needs.

Buying Ethena (ENA) via Spot Purchase

A spot purchase means you buy real Ethena tokens at the current market price, and the coins are stored in your exchange account or personal crypto wallet. Typical fees for spot buying are a fixed commission per transaction, often between 0.1% to 1%—for UK users, this is usually charged in GBP.

Example

Ethena’s unit price is around $0.3065 USD (approx. £0.24). With a £1,000 investment, you could buy around 4,166 ENA tokens (£1,000 ÷ £0.24), minus about £5 in transaction fees.

• Profit scenario: If Ethena’s price rises by 10%, your tokens would now be worth £1,100. Result: £100 gross gain (+10% on your investment).

Trading Ethena (ENA) via CFDs

CFD trading lets you speculate on Ethena’s price changes with leverage, but you never actually own the coins. Instead, you open a “position” on whether ENA will go up or down. Fees here include a bid/ask “spread” and additional overnight financing charges if you keep positions open across days.

Example

You invest £1,000 in a CFD, apply 5x leverage (market exposure = £5,000).

• If ENA rises by 8%, your position gains 40% (8% × 5 = 40%). Result: £400 profit on your £1,000 stake (before fees).

Final Advice

No matter which method you choose, always compare the fees and terms of each platform, as they can significantly affect your net returns. Your best option depends on your goals: spot buying for long-term investors seeking real ownership, or CFDs for active traders comfortable with risk and leverage. A comprehensive platform comparison is available further down—be sure to check it before you invest.

Our 7 tips for buying Ethena

The latest news from Ethena

Ethena’s ENA token has demonstrated resilient price action with a 3.2% gain over the past seven days. The token is currently trading at $0.3065, having seen a 24-hour increase of 4.02%, which is above the average for the sector and outperforms several competing synthetic stablecoin protocols. Technical indicators signal neutral to slightly bullish momentum, with the MACD and RSI corroborating a stabilizing yet upward trend. UK-based portfolios tracking DeFi assets would note that Ethena maintains high market liquidity, ensuring UK investors can enter or exit ENA positions easily on major global and UK-accessible exchanges.

Ethena’s protocol continues to exhibit rapid growth in total value locked (TVL), now reaching $5.94 billion with robust fee revenues. This recent expansion from $2.3 billion in April 2024 represents a more than twofold increase in TVL, a clear sign of escalating market trust and protocol adoption. Ethena’s synthetic stablecoin, USDe, has also become the third-largest stablecoin by market cap during this period. This growth trajectory, driven by expanding institutional and cross-border participation, bodes well for holders in the UK, who are increasingly seeking alternatives to traditional dollar exposure within digital asset portfolios.

Recent strategic partnerships, notably with World Liberty Financial, have strengthened Ethena’s institutional profile and protocol reach. The December collaboration includes sUSDe integration as DeFi collateral and saw WLFI acquire $600,000 worth of ENA tokens for protocol usage—moves that enhance Ethena's credibility in international DeFi circles, including UK market participants and platforms offering access to the protocol. The partnership’s political connections and institutional liquidity injection are likely to resonate positively in UK regulatory and business communities focused on digital assets innovation.

Ethena’s technological leadership is further underscored by its innovative synthetic dollar (USDe) and delta-hedging mechanisms delivering high yield opportunities. UK investors and institutions are especially drawn to sUSDe’s historically competitive APYs (15–37%), along with Ethena’s first-mover advantage in the on-chain synthetic dollar space. This is particularly relevant for the UK’s growing DeFi sector, which increasingly seeks stable, yield-generating products that offer regulatory-transparent and technology-forward exposure to the digital dollar market.

Institutional investor confidence remains robust, as reflected by strong venture capital backing and expanding protocol adoption among global and UK-based users. Ethena Labs, led by Guy Young, is supported by major funds such as Binance Labs and Dragonfly Capital, with $14 million raised in the most recent round. This solid foundation, coupled with integration into major DeFi infrastructure, reflects growing confidence both within UK crypto investment circles and across broader digital finance ecosystems, underpinning prospects for the protocol’s continued growth and resilience as regulatory clarity improves in the UK and globally.

FAQ

P. Laurore

Finance expert

Co-founder of HelloSafe and holder of a Master's degree in finance, Pauline has recognised expertise in personal finance, which she uses to help users better understand and optimise their financial choices. At HelloSafe, Pauline plays a key role in designing clear, educational content on savings, investments and personal finance. Passionate about financial education, Pauline strives, with every piece of content she oversees, to provide reliable, transparent and unbiased information for independent and informed financial management. To this end, she has tested over 100 trading platforms to help internet users make the right choices.