$ENA has one of its biggest tokenomics changes coming on October 5.

And I think people need to understand both sides of it.
TLDR: Unlocks ≠ sell pressure
Under the original schedule, investor $ENA was supposed to keep unlocking monthly until March 2028.
Instead, @ethena is accelerating the remaining original investor allocation into October 5.
Based on the old published vesting schedule, that works out to an estimated ~1.41B ENA, around 14% of current circulating supply, becoming unlocked at once.
So yes, there is a very real near-term supply event here.
But who actually owns that supply matters.
Ethena Foundation had already offered to buy out remaining locked positions from large seed investors originally allocated more than 0.25% of total supply.
We can broadly think about them in 3 groups:
1. Large investors who had already been selling ENA
The Foundation offered to buy their remaining locked allocation.
Nearly all qualifying sellers accepted, except one wallet.
This matters because some of the investors who had already demonstrated willingness to sell were effectively removed from the future VC unlock flow.
2. Large investors who had NOT been selling
They were also offered an exit at their original purchase price.
None accepted.
So their remaining ENA stays with them and becomes liquid through the October 5 accelerated unlock.
These are probably the holders I'd pay the most attention to.
They haven't historically been sellers, which is encouraging, but once their tokens are unlocked they are free to reassess that decision.
3. The one qualifying seller who declined the buyout
Its remaining investor allocation should also become liquid on October 5 rather than continuing through the old monthly vesting schedule.
The exact amount the Foundation bought from investors has not been publicly disclosed, so I wouldn't assume the upcoming supply risk has disappeared.
There is also StablecoinX, which holds roughly 3.03B ENA, or around 20% of total supply.
Its contractual ENA lock-up is also lifted on October 5, separately from the ~1.41B investor unlock.
That does not mean another 3.03B ENA suddenly becomes free float.
StablecoinX sales remain subject to Foundation consent, with additional notice and right-of-first-refusal protections around certain sales.
Still, it's obviously a treasury worth monitoring.
The bigger structural change comes after October 5. The recurring original-investor unlock schedule ends there.
Team and Foundation unlocks still continue into 2028, so ENA does not suddenly become dilution-free.
But the VC/investor vesting overhang that was originally supposed to continue until March 2028 is effectively pulled forward into one large liquidity event.
So I don't think the right takeaway is:
"1.41B ENA unlock = 1.41B ENA dump."
But I also wouldn't dismiss October 5 as automatically bullish tokenomics.
The real question is:
How much of the newly liquid investor supply actually wants to sell?
October 5 is basically a large one-time supply test.
If that supply gets absorbed, ENA comes out the other side with one of its major recurring token overhangs removed.
And from there, the tokenomics become much easier to underwrite because investors no longer have to price another ~17 months of recurring VC unlocks into every rally.
That's what I'd be watching.