Ethena approves fee switch for ENA buybacks
Ethena (ENA)
Editor:
Eugene Serbin
Tradersunion.com reports that Ethena (ENA) rose 10.94% after the community approved a new fee switch proposal. The agreement links protocol net revenue to planned token buybacks, intensifying demand as investors anticipate secondary market purchases. Specifically, 95% of net revenue will fund scheduled ENA buybacks once the 14-day average USDe stablecoin supply exceeds $7.5 billion.
This mechanism marks a shift from governance-only utility to a cash flow model for token holders. Buybacks are set to launch once the specified USDe threshold is met. The protocol has already surpassed $1 billion in cumulative revenue since its launch.
Technical analysis shows ENA trading above major moving averages, confirming strong positive momentum across all timeframes. The MA-20 is at $0.16, the MA-50 is at $0.132, and the MA-200 is at $0.1043. Near-term support sits at $0.2089 with immediate resistance at $0.2291.
Momentum indicators including MACD and ADX point to strong buying conditions. However, the RSI at 74.40 and Stochastic RSI at 100 indicate overbought status. Traders are advised to monitor the $0.2291 resistance as a potential inflection point for continued upside or reversal risk.
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 1-hour buy ratio of 49.8% and a 4-hour buy ratio of 48.4%. These short-term readings are higher than the 24-hour buy ratio of 47.7%, suggesting that buying pressure is building in the immediate term. The volume delta reflects this dynamic, showing -$17,135 for the 1-hour period and -$608,709 for the 4-hour period. Over the full 24 hours, the volume delta stands at -$4,700,480, indicating that sell volume has exceeded buy volume during that longer timeframe. The CVD at the 24-hour close is -$2,783,229, further confirming net selling pressure over the day. Net buying occurred for only 10 of the 24 hours, despite a spot volume of $105,278,687 and 667,131 trades.
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.
The 24-hour buy ratio of 47.7% is slightly lower than the 7-day average of 48.5%, representing a difference of 0.8 points. Trading volume for the day was 2.48 times the average, indicating an unusually high level of activity compared to recent norms. This surge in volume occurred against a backdrop where only 1 of the past 7 days saw net buying. Over the preceding 8 days, the price changed by +59.4%, with a total volume delta of -$9,053,585. This context highlights that while activity is elevated, the broader weekly trend has been dominated by net selling despite significant price appreciation.