ENA rallies on Binance Wallet rewards and supply cuts
Ethena USDe (USDe)
Editor:
Eugene Serbin
Tradersunion.com reports that Ethena (ENA) is trading at $0.2232, up 7.79% on the day, following the introduction of Binance Wallet rewards for USDe holders. This development expands utility and direct earning opportunities for a broad user base, according to Tronweekly. Ethena has also decided to discontinue future monthly investor unlocks and buy back locked tokens from early investors who had previously sold.
These moves restrict near-term token supply and reduce potential sell pressure. Additionally, a fee switch vote was recently passed, altering the protocol’s long-term incentive framework. The market capitalization was reported at $2.2 billion by Pluang during a period of strong market activity.
On the hourly chart, ENA trades above the MA-20 and MA-50, while remaining well above the MA-200 on the daily chart. Immediate technical support is marked by the Ichimoku Kijun at $0.2183. MACD signals Strong Buy and ADX confirms bullish momentum, though RSI stands neutral at 51. The baseline scenario anticipates continued consolidation between $0.209 and $0.2595, with a 68% probability assigned to further upside.
How the market reacted
Whalio's own Binance spot order flow for USDe, measured when this story was written up on 25 September 2026. Not the outlet's figures.
USDe is trading at $1.00 with a 1-hour buy ratio of 27.2% and a 4-hour buy ratio of 19.4%, indicating that selling pressure is currently dominating short-term flows. This contrasts sharply with the 24-hour buy ratio of 63.3%, showing that buying pressure has faded significantly over the last few hours. The 1-hour volume delta is -$6,500 and the 4-hour delta is -$113,788, meaning more volume is being sold than bought in these shorter windows. The 24-hour volume delta is +$758,675, reflecting that net buying occurred earlier in the day. CVD closed at -$144,613, and spot volume over 24 hours was $2,853,178 across 1,306 trades. Net buying occurred for only 10 of the 24 hours, suggesting inconsistent accumulation.
The latest daily buy ratio of 51.8% sits at the 56th percentile of the last 322 days, against a median of 48.5% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for USDe, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 42.6%, making today’s 24-hour ratio of 63.3% an unusual day with 20.7 more points of buying activity. Volume was 0.27x the average, indicating significantly lower trading activity compared to the norm. The coin saw net buying on only 2 of the 7 days, with a total volume delta of +$18,405,597 over the 8-day period. Price change over 8 days was 0.0%, showing stability despite the volume fluctuations. This suggests that while today had higher relative buying, it occurred against a backdrop of generally low volume and mixed weekly trends.