Ethena drops 10% after token unlock and exchange deposits
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) fell 10.39% following a large token unlock and increased exchange deposits. The Ethena Foundation had announced buyback policies in August 2026 to address sell pressure from early investors. On September 9, 2026, a 40.63 million ENA token unlock occurred alongside large deposits on the Bybit exchange.
The protocol maintained a market capitalization of about $1.5 billion with no reported hacks or regulatory actions. Price action remains under short-term resistance at the 20-day moving average of $0.1579. However, the asset holds above the 50-day average at $0.1158 and the 200-day average at $0.1014.
This structure preserves a medium- and long-term bullish trend despite the sharp daily drop. The near-term ceiling is identified at $0.15, with immediate support at $0.1476. The Ichimoku Kijun at $0.1355 offers additional support within the broader uptrend.
Momentum signals are mixed, with MACD and ADX pointing to strong upward momentum while the RSI stays neutral. Bull/Bear Power indicates buyers dominate intraday activity without overbought warnings. Analysts note heightened short-term downside risk due to increased token supply and persistent bearish momentum.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 10 September 2026. Not the outlet's figures.
Whalio spot data for ENA shows a price of $0.1521 with a 1-hour buy ratio of 60.2%, indicating strong immediate buying interest. This 1-hour reading is significantly higher than the 4-hour buy ratio of 51.2% and the 24-hour buy ratio of 50.9%, suggesting that buying pressure is building in the short term. The Volume Delta for the 1-hour period is +$190,747, while the 4-hour delta is +$73,312, showing net inflows over these shorter windows. In contrast, the 24-hour Volume Delta is +$811,374, but the CVD at 24-hour close is -$41,092, indicating that net selling pressure has accumulated over the full day. A buy ratio above 50% means buyers are executing more volume than sellers, while a positive Volume Delta signifies that buy volume exceeds sell volume. The 24-hour spot volume reached $42,004,574 across 212,808 trades, with net buying occurring in 12 of the 24 hours.
The latest daily buy ratio of 42.7% sits at the 1st percentile of the last 324 days, against a median of 49.0% - among the weakest buying days it has had.
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 7-day average buy ratio was 49.1%, making the current 24-hour ratio of 50.9% an increase of 1.8 points. This suggests that today is slightly more bullish than the weekly average, though the difference is modest. The 24-hour spot volume of $42,004,574 is 1.03x the weekly average volume, indicating trading activity is near normal levels. However, the 8-day Volume Delta total is -$3,867,693, showing that net selling has dominated the broader weekly trend. Only 1 of the 7 days recorded net buying, highlighting that this is an unusual day of relative strength compared to the previous week. The price change over 8 days is +1.9%, reflecting the cumulative effect of these mixed flows.