Ethena unlocks tokens and sees Bybit deposits as price holds above key averages
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.1765 following a 7.4% daily gain, with price action sitting above its key moving averages. On September 6, 2026, the protocol unlocked 40.63 million ENA tokens and recorded 14 million ENA deposits to Bybit, increasing circulating supply and available liquidity. This direct boost in liquidity triggered a sharp uptick in trading activity, with volumes reaching 60% above the monthly average.
The price remains above the MA-20 at $0.1704 and the MA-50 at $0.1669 on the hourly chart, while maintaining a solid position above the MA-200 at $0.1003. Immediate technical support is identified at the Ichimoku Kijun level of $0.1752. Both MACD and ADX indicators remain in buy territory, while the RSI sits at 56.99 and the CCI is in bullish mode.
Stochastic RSI presents a neutral stance, and Bull/Bear Power signals intraday buyer dominance. The report notes that a previous day’s decline was linked to broader macroeconomic factors and profit-taking rather than platform-specific concerns. Structural tokenomics changes and strategic buybacks are positioned to support continued bullish momentum for ENA.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 6 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.1719 with a 1-hour buy ratio of 55.0%, indicating strong short-term buying pressure compared to the 4-hour ratio of 43.8%. The 24-hour buy ratio sits at 49.9%, suggesting that while buying is active, it is not yet dominating the full daily session. Volume delta reflects this dynamic, showing a positive +$233,897 in the last hour but a negative -$1,309,863 over the past four hours. Over the last 24 hours, the net volume delta is -$104,728, with cumulative selling pressure (CVD) closing at -$1,755,518. This indicates that despite hourly spikes in buying, the broader flow over the day has been net selling. Spot volume for the period reached $33,377,214 across 163,774 trades.
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.
Compared to the preceding week, the latest 24-hour buy ratio of 49.9% is 2.0 percentage points higher than the 7-day average of 47.8%. However, spot volume of $33,377,214 represents only 0.85x the weekly average, indicating lighter trading activity than usual. The coin has seen a price change of +7.7% over the last 8 days, yet net buying occurred on only 2 of those 7 days. Total volume delta for the week stands at -$8,506,751, showing that selling pressure has outweighed buying over the longer timeframe. This suggests that while recent hourly flows show improvement, the weekly trend remains dominated by net outflows.