Ethena partners with Binance for USDe expansion
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.2928, up 7.19% for the day, while holding near session highs. The protocol has partnered with Binance to expand its delta-neutral basis trading strategy for the USDe stablecoin into tokenized equity perpetual contracts. This integration allows the use of Binance bStocks as collateral, which broadens institutional access to Ethena's platform.
The move increases demand for USDe and supports flows into ENA as user activity grows. Ethena has eliminated ENA token rewards and inflation for USDe growth, shifting to a buyback model tied to supply milestones. Governance approved a conditional ENA buyback program with allocations increasing alongside USDe supply.
Technically, ENA trades above the MA-20 at $0.2718 and the MA-50 at $0.2713. The RSI stands at 66.3, while MACD and ADX both signal Buy. The forecast suggests ENA will remain active between $0.2733 and $0.3123 over the next 2–3 trading days.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 27 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.2696 with a 1-hour buy ratio of 52.3% and a 4-hour buy ratio of 52.1%. These short-term figures indicate a slight edge for buyers compared to the 24-hour buy ratio of 49.5%. Volume delta reflects this shift, showing positive inflows of +$102,169 in the last hour and +$631,760 over four hours, contrasting with a negative 24-hour delta of -$718,776. A positive volume delta means more money is flowing into buys than sells, while a buy ratio above 50% indicates more buy orders than sell orders. This suggests that recent buying pressure is building in the short term despite the broader 24-hour outflow. The 24-hour cumulative volume delta closed at +$851,948, with spot volume reaching $77,584,469 across 475,683 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.
Over the preceding week, the average buy ratio was 49.5%, matching the latest day's performance exactly with a difference of 0.0 points. Trading volume was measured at 0.95x the average, indicating slightly lower activity than usual. This represents an ordinary day for the coin, as the buy ratio remained flat and volume was near baseline. The price changed by +32.0% over eight days, with a total volume delta of -$9,025,846 for that period. Net buying occurred on 4 of the 7 days, showing mixed momentum over the longer timeframe.