On January 2, 2026, 172 million ENA tokens, representing 1.146% of the total supply and valued at $36.07 million, are scheduled to unlock. These tokens are part of the Ethena protocol's governance system. Historically, similar token unlocks have led to significant price fluctuations, raising concerns about potential selling pressure in the market. On-chain analysis indicates that if these tokens are sold, it could impact the token's market dynamics.