Bithumb, one of South Korea’s leading crypto exchanges, is set to add Ethena to its Korean Won market today.
According to Bithumb’s official announcement, trading for Ethena (ENA) will begin at 6:00 PM KST on Tuesday, Feb. 25, 2025. Deposits and withdrawals will open within three hours of the notice, but only on the Ethereum network.
Ethena will have an initial price of 536 krw, and traders must wait for 33 deposit confirmations before transactions can be processed.
Bithumb has also put some temporary restrictions in place for the launch. Buyers won’t 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.
Last year, ENA secured a listing on another major South Korean crypto exchange, Bybit, on April 2, 2024, where it can be traded against USDT.
Listings on major crypto exchanges such as Bybit and Bithumb tend to trigger a sharp increase in the related cryptocurrency’s price. However, ENA saw only a modest rebound, recovering some of its losses from the previous day while still remaining down 7.5% in the last 24 hours.
ENA’s muted price moves mirrored the broader slump across the crypto market, as a $1.4 billion Bybit hack and lingering macroeconomic jitters sent traders running for cover.
Despite the recent downturn, analysts remain bullish on ENA’s long-term potential.
Trader Solid, with over 117k followers on X, noted that if ENA’s price makes a higher low within the trading range of $0.3100 to $0.4136, ENA could likely rally past its all-time high of $1.52 and enter price discovery.
Fellow trader AlejandroBTC, who was also optimistic about ENA, said it looked 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. See below:
However, ENA’s next big move will likely hinge on broader market conditions improving.
At press time, ENA was exchanging hands at $0.3811, with its market cap seated at $1.18 billion.
