Ethena announces buyback plan as ENA trades above key averages
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.2146, up 9.83% for the day. The protocol has implemented a governance proposal to allocate 95% of net revenue to scheduled ENA buybacks on the secondary market. These repurchases will trigger whenever USDe supply surpasses thresholds starting at $7.5 billion.
The Ethena Foundation is also buying back early tokens and using most net income for sustained repurchases. This mechanical demand reduces circulating supply and supports token value. Technical analysis places the price above the hourly MA-20 at $0.2143 and MA-50 at $0.2041.
The daily price remains well above the MA-200 at $0.1043. Immediate support is found at the Ichimoku Kijun level of $0.212. Analysts view the transition to a cash flow-backed asset as a constructive foundation for bullish momentum. Traders are watching $0.2359 as the next inflection point for potential breakout or retracement.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 21 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.2169 with a 54.2% buy ratio over the last hour. This short-term buying pressure is stronger than the 52.5% ratio observed over the past four hours. However, the 24-hour buy ratio has dropped to 47.7%, indicating that buying interest is fading over the longer term. The one-hour volume delta is positive at $448,109, while the four-hour delta is $315,995. In contrast, the 24-hour volume delta is negative at -$4,700,480, showing that sellers have dominated the day's total volume. This divergence suggests that while recent trades favor buyers, the overall daily flow remains net negative.
The latest daily buy ratio of 50.0% sits at the 67th percentile of the last 323 days, against a median of 49.0% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 48.5%, making today's 24-hour ratio of 47.7% slightly below the weekly norm by 0.8 points. Spot volume for the day was $105,278,687, which is 2.48 times the weekly average, marking this as an unusually active trading day. Despite the high volume, net buying occurred on only one of the seven days in the period. The total volume delta for the eight-day period was -$9,053,585, confirming a broader trend of net selling. This context highlights that today's activity is driven by volume rather than sustained directional buying.