Ethena drops 7% as ENA unlocks and team moves tokens to exchanges
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.1625, down 7.15% on the day, following a planned unlock of $43.6 million in tokens that adds 12.5% to the circulating supply. This supply overhang is compounded by team-linked addresses transferring $6.75 million in ENA to centralized exchanges within a 15-hour window. Specifically, 19 million ENA was routed to Bybit, a move often interpreted as a precursor to potential token sales.
Although Aave V4 launched USDe rewards on an Ethena-focused market, this utility was outweighed by liquidity-driven concerns. The asset is positioned below its short- and medium-term moving averages, with the Ichimoku Kijun at $0.1701 acting as immediate resistance. Momentum signals are negative overall, with MACD and ADX giving strong sell readings.
The RSI is at 42.572, indicating a sell signal without suggesting the asset is oversold. Looking ahead, ENA/USD is expected to trade between $0.153 and $0.172 over the next 2–3 days. The probability of a further decline is estimated at 71%, while a sustained close above the Ichimoku Kijun is required for a rebound.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 8 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.1642 with a 1-hour buy ratio of 50.6%, which is slightly higher than the 4-hour ratio of 49.2% and the 24-hour ratio of 47.4%. This indicates that buying pressure is building in the short term relative to the longer daily view. The 1-hour volume delta is positive at +$11,477, contrasting with the 4-hour delta of -$93,257 and the 24-hour delta of -$1,489,767. A positive volume delta means buyers are aggressively taking market orders, while a negative delta means sellers are dominating. Over the last 24 hours, the cumulative volume delta closed at -$169,948, and there were 14 hours of net buying out of 24. Spot volume reached $29,228,593 with 136,140 trades recorded.
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 average buy ratio was 49.0%, making the latest 24-hour ratio of 47.4% 1.6 percentage points lower than the weekly average. This suggests that today is an unusual day with weaker buying participation compared to the recent norm. Volume was also subdued, trading at 0.68 times the weekly average, indicating significantly less activity than usual. While the price rose 9.8% over eight days, the total volume delta for that period was -$5,636,735. Only two of the past seven days saw net buying, highlighting a generally bearish flow structure leading into this unlock.