ENA Network Growth Hits 3 Month High as Whale Activity Reaches 5 Week Peak

ENA network growth hit a 3-month high as whale activity reached a 5-week peak amid Grayscale fund inclusion and fee switch plans.

Ethena recorded its largest daily rise in new wallets in over three months, while ENA whale activity reached a five-week peak.

The rise came before May 12, after several events drew fresh attention to the Ethena protocol and ENA token.

Grayscale DeFi Fund Adds ENA

Grayscale added ENA to its DeFi Fund on May 7, with a 13.59% weighting. The move placed ENA among selected DeFi assets held through the fund.

The addition may have supported new wallet creation linked to custody and fund activity. It also gave ENA more exposure to institutional market channels.

Market watchers often track Grayscale fund changes because they can affect token demand. In this case, the timing matched a sharp rise in Ethena network growth.

ENA network growth refers to new wallets created on the network. A rise in this metric can show fresh participation from users, traders, or custody services.

Large USDC Transfer Draws Attention

A $310 million USDC transfer from an Ethena-linked wallet followed on May 8. The transfer added more focus to Ethena activity during an active week.

Large stablecoin movements are often watched by traders and analysts. They can relate to liquidity management, treasury activity, or protocol operations.

Ethena also drew attention after a LayerZero bridge suspension on May 9. The event kept the protocol under market review during the same period.

These events came close together, and they matched rising ENA on-chain activity. New wallets increased, and larger holders became more active.

Whale activity is often tracked because large holders can influence market flow. It does not confirm price direction, but it shows higher movement by major wallets.

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Fee Switch Vote Remains in Focus

Ethena’s expected “fee switch” has also become a key point for ENA holders. The feature has been discussed for months by the Ethena community.

The Ethena Foundation said the Risk Committee’s required parameters have been met. A governance vote by ENA holders is expected to follow.

A fee switch can change how protocol revenue is handled. For ENA holders, that makes the vote an important governance event.

Whale accumulation can increase before major DeFi votes. Large holders may position before changes to token economics or protocol revenue rules.

The recent rise in ENA whale activity came as this vote moved closer. It also came while network growth reached its highest level in three months.

Traders are now watching whether ENA network growth can remain high. They are also tracking whale wallets, stablecoin flows, and governance updates.

The next ENA price move may depend on sustained user activity and governance timing. Market conditions across DeFi will also remain important.

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