USDe dips to $0.92 on Binance before recovery
Ethena (ENA)
Editor:
Eugene Serbin
cryptocurrency.com.tr reports that Ethena’s synthetic dollar, USDe, briefly fell to $0.9202 USDT on Binance around 1 p.m. on September 22. The price recovered to approximately $0.9996 USDT shortly after this dip. The movement occurred just before Binance commenced a scheduled infrastructure wallet upgrade.
During this maintenance, deposits and withdrawals were suspended, though trading remained unaffected. The timing of the drop has raised questions about USDe’s stability during critical system maintenance. There is currently no evidence directly linking the price dip to the exchange’s maintenance activities.
Traders are closely watching Ethena’s performance in the stablecoin arena. The incident highlights the market's attention to USDe's health in the evolving landscape.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 22 September 2026. Not the outlet's figures.
Whalio's Binance spot data for ENA shows a price of $0.2127 with a 24-hour buy ratio of 50.1%. The 1-hour buy ratio is 44.6%, indicating a short-term shift toward selling pressure compared to the longer timeframe. Volume delta for the hour is negative at -$317,732, while the 4-hour delta is positive at +$255,371. This suggests that while immediate selling has increased, the broader four-hour trend still reflects net buying. CVD for the 24-hour close is +$410,108, confirming that cumulative buying has outweighed selling over the day. Net buying occurred for 14 of the last 24 hours, supporting a generally positive flow despite recent intraday volatility.
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 48.8%, making the current 24-hour ratio of 50.1% slightly higher by 1.3 points. Spot volume over the last 24 hours reached $79,293,628, which is 1.42 times the weekly average. This indicates a notably active trading day compared to typical weekly patterns. However, the 8-day volume delta total was -$7,803,438, showing that net outflows have dominated the broader weekly trend. The coin has seen a price change of +48.5% over eight days, but the negative volume delta suggests profit-taking or reduced accumulation over that period.