Ethena selloff continues as original investor tokens unlock approaches
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.2587, down 7.62% on the day while holding above its longer-term trend support. The asset opened lower and remains below its short-term moving averages, with the Ichimoku Kijun at $0.2669 serving as immediate resistance. Governance has approved a fee switch allocating 95% of net revenue to ENA token buybacks once specific USDe stablecoin supply thresholds are reached.
All remaining original investor ENA tokens are set to unlock on October 5, 2026, after the consolidation of vesting schedules. Despite these potential buy-side demands, price action has remained under broader selling pressure. Momentum indicators show mixed signals, with MACD and the Awesome Oscillator both Neutral.
The RSI stands at 47.95 and the CCI is in Sell territory, pointing to active selling pressure. A bullish scenario would require a sustained breakout above the $0.2669 resistance level. The base case for the next 2–3 sessions is continued sideways trading below that resistance. Scenario probability estimates place a 53% likelihood of further decline against a 47% chance of an upward move.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 1 October 2026. Not the outlet's figures.
Whalio’s Binance spot data for ENA shows a price of $0.2649 with a 1-hour buy ratio of 46.0% and a 4-hour buy ratio of 45.8%. These short-term readings are slightly lower than the 24-hour buy ratio of 47.6%, indicating that buying pressure is fading relative to the daily average. The Volume Delta reflects this weakness, showing -$344,198 over the last hour and -$1,206,479 over the last four hours. Over the full 24-hour period, the Volume Delta is -$4,903,294, meaning sellers have been more aggressive than buyers in net terms. The CVD closed at +$2,604,320, and there were 19 hours of net buying out of 24. Spot volume reached $102,964,878 with 425,476 trades executed.
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 7-day average buy ratio was 48.5%, compared to the current 24-hour ratio of 47.6%, a difference of 0.9 points. Volume was 1.52x the weekly average, indicating an unusual level of activity for this coin. Only 2 of the last 7 days saw net buying, suggesting this is not an ordinary day for accumulation. The price change over the 8-day period was +28.5%, while the total Volume Delta for that span was -$18,976,989. This contrast highlights that despite price gains, selling pressure has dominated the weekly flow.