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Ethena crypto has announced a shock withdrawal from the Germany crypto market, will MiCa see EU ban next? What’s next for ENA price?
Ethena Labs, the issuer of the synthetic dollar stablecoin USDe, has agreed to withdraw from the German market following discussions with the German Federal Financial Supervisory Authority (BaFin).
The move marks a significant regulatory flashpoint for the rapidly scaling protocol and raises new questions about the viability of synthetic dollar products within tightly regulated European jurisdictions.
Why is Ethena Crypto Withdrawing From Germany? Is EU Withdrawal Next for ENA Crypto?
The decision was framed as cooperative, with BaFin stating the agreement was reached “amicably” to avoid enforcement action. While specific legal concerns were not disclosed, the implication is clear: Ethena’s core product architecture, particularly its lack of fiat backing and reliance on crypto derivatives for synthetic stability, likely failed to meet Germany’s strict financial licensing requirements.
We have agreed with BaFin to wind down all activities of Ethena GMBH and will no longer be pursuing the MiCAR authorization in Germany.
As communicated previously, Ethena GmbH has not conducted any mint or redeem activity since March 21, 2025, and all activity has been carried…
— Ethena Labs (@ethena_labs) April 15, 2025
Germany has been an early enforcer of MiCA-aligned compliance expectations, and the Ethena decision may signal the start of a broader sweep against stablecoin models operating without traditional asset collateral or banking partnerships.
This retreat could have reputational and liquidity consequences for Ethena, which recently made headlines for explosive TVL growth and high-yield staking. While access to other European markets remains intact, the German exit is a crack in the armor—and traders are watching closely.
So, what does this mean for ENA price momentum moving forward?
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ENA Price Analysis: How is ENA Crypto Reacting to Ethena’s Germany Crypto Withdrawal?
As Ethena holders react to the news of the German crypto market exit, ENA crypto is currently trading at a market price of $0.29 (representing a -1.28% drop over the past 24 hours).
This comes as the high-time frame price structure reveals that the ENA price remains trapped in a falling wedge pattern. The downside has now dominated the ENA price chart for over two months, much to the fatigue of holders.
(ENAUSDT)
Nevertheless, solid support could be forming above the $0.25 mark, with ongoing price action a small bounce away from forming a solid, well-defended double-bottom structure.
Indeed, an upside seems likely in the short time frame once the dust has settled over the withdrawal move, especially as the RSI signals bullish at 42.
In the event of an upside breakout, holders will target a break back above the still ascendant 200 at around $0.60, representing a +100% gain from here.
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