Ethena governance vote targets buybacks as price rises
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) rose 7.9% in a day to trade at $0.2196, positioning the token above key moving averages. ENA holders voted to direct 95% of net business income toward programmatic ENA purchases if USDe circulation hits $7.5 billion. This governance decision creates a future demand mechanism that increases potential for long-term buybacks and supports expectations of token scarcity.
Coinbase Ventures provided an initial investment and plans for product integration to expand access. Anchorage Digital added institutional lending and custody support to boost credibility. Technical analysis shows ENA/USD trading above the hourly MA-20 at $0.207 and MA-50 at $0.2098.
The daily chart places the price decisively above the MA-200 at $0.1059. Momentum indicators show a neutral MACD and ADX, while the RSI signals a buy. The Awesome Oscillator supports the uptrend, though overbought Stoch RSI and CCI readings suggest a risk of short-term pullback. Analysts note that these structural changes follow earlier consolidation amid volatility and collateral reserve challenges.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 24 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.2061 with a 1-hour buy ratio of 42.3% and a 4-hour buy ratio of 49.9%. These short-term figures are below the 24-hour buy ratio of 48.9%, indicating that buying pressure is fading in the immediate term. The volume delta reflects this trend, showing a net outflow of -$172,462 over the last hour and -$81,247 over four hours. Over the full day, the volume delta stands at -$1,229,390, with a cumulative volume delta of -$137,091 at close. This means sellers have dominated the flow, removing more volume from the market than buyers have added. Net buying occurred in only 12 of the 24 hours, highlighting a lack of sustained aggressive accumulation.
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 48.9% is slightly below the 7-day average of 49.6%, a difference of 0.8 points. This suggests the current day is an ordinary one for the coin, with no significant deviation in buying behavior. Volume activity remains subdued relative to the norm, with current volume at 0.84x the average. Over the preceding eight days, the price increased by 38.4%, but the total volume delta was -$4,825,747. This indicates that despite the price surge, net selling pressure has outweighed buying pressure over the longer timeframe.