Bithumb, one of South Korea’s top cryptocurrency exchanges, is set to list Ethena (ENA) on its Korean Won (KRW) market today, February 25, 2025. According to Bithumb’s official announcement, trading will begin at 6:00 PM KST, with deposits and withdrawals opening within three hours of the notice.
Trading Restrictions and Listing Details
- Network: Ethereum (Only ETH-based ENA deposits allowed)
- Initial price: 536 KRW
- Deposit confirmations required: 33
- Trading Restrictions:
- Buy orders restricted for the first five minutes after trading starts.
- Sell orders limited to a -10% to +100% range of the base price during the initial launch period.
- Automated trading unavailable until the first transaction is completed.
How ENA Has Reacted to Major Listings
This is not ENA’s first listing on a major South Korean exchange. In April 2024, ENA was listed on Bybit, where it was made available for trading against USDT. While major exchange listings often result in a price surge, ENA has shown only a modest rebound, recovering some losses from the previous day but still down 7.5% in the last 24 hours.
The muted price movement aligns with the broader market downturn, which has been impacted by:
- The $1.4 billion Bybit hack that has shaken market confidence.
- Macroeconomic uncertainty, leading to cautious investor sentiment.
Analysts Remain Bullish on ENA’s Long-Term Potential
Despite the recent price dip, traders remain optimistic about ENA’s future:
- Trader Solid (117K followers on X) believes that if ENA forms a higher low within the $0.3100 – $0.4136 range, it could rally past its all-time high of $1.52 and enter price discovery mode.
- Crypto analyst AlejandroBTC sees ENA as a “good buy for accumulation”, noting that it previously surged 300% to $1.25 in December 2024 after consolidating between August and November.
What’s Next for ENA?
At press time, ENA is trading at $0.3811, with a market cap of $1.18 billion. While short-term price action may depend on market sentiment, analysts believe strong accumulation in key price zones could set ENA up for a major rally once market conditions improve.
With Bithumb’s listing adding liquidity and exposure, traders will be watching closely to see if ENA can break out of its current consolidation range and reclaim higher levels.
