Ethena Listing on Bithumb: What to Expect

Bithumb, a leading South Korean crypto exchange, has announced the listing of Ethena on its Korean Won market. Trading for Ethena is set to begin at 6:00 PM KST on Tuesday, Feb. 25, 2025.

Deposits and withdrawals will be available on the Ethereum network within three hours of the announcement. However, traders must wait for 33 deposit confirmations before transactions can be processed. The initial price of Ethena will be 536 krw.

Temporary Restrictions in Place

Bithumb has implemented some temporary restrictions for the launch. Buyers will not be able to place orders in the first five minutes of trading, and sell orders will be limited to a range of -10% to +100% of the base price during this period. Automated trading will only be available after the first transaction is completed.

This listing is not Ethena’s first on a major South Korean crypto exchange. Last year, ENA was listed on Bybit on April 2, 2024, where it can be traded against USDT.

Impact on Price

Listings on major crypto exchanges like Bybit and Bithumb often lead to a sharp increase in the related cryptocurrency’s price. However, ENA’s price moves have been modest so far, recovering some losses while remaining down 7.5% in the last 24 hours.

Analysts remain bullish on ENA’s long-term potential despite the recent downturn. Trader Solid noted that if ENA’s price makes a higher low within the trading range of $0.3100 to $0.4136, it could likely rally past its all-time high of $1.52 and enter price discovery.

$ENA a good buy in this area for accumulation, better to stack and forget it imo.

Fellow trader AlejandroBTC also expressed optimism about ENA, saying it looks like a good buy in a similar accumulation range. According to the 1-day chart he shared, the altcoin jumped almost 300% to $1.25 last December after trading within the same accumulation range from August to November 2024.

Next Big Move Hinges on Market Conditions

ENA’s next big move will likely depend on broader market conditions improving. At press time, ENA was exchanging hands at $0.3811, with its market cap seated at $1.18 billion.

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