Ever wonder what a $34M hacker dump plus a token unlock does to a chart? $ENA is showing us in real time.
Ethena is down about 9.5% near $0.164 on $377M in volume, the steepest fall in the top 100 today. This isn't just market beta: the attacker from October's Binance hack sold 217.5M $ENA for roughly $34M, and a scheduled unlock of about $18M worth hit on Nov 5. Add $2.4M in longs liquidated in a single hour and you get the picture.
$BTC is off 5.3% near $76,100, so the whole board is red — but $ENA is falling almost twice as fast.
I'm watching $0.156, today's low. Hold above it and the forced selling might finally dry up; lose it and $0.15 is the next line, with the slide likely picking up speed while unlock supply keeps hitting.
Would you buy a token while hacker supply is still being sold, or wait for the unlock dust to settle first?
#Ethena #DeFi #BinanceSquare
Ethena is down about 9.5% near $0.164 on $377M in volume, the steepest fall in the top 100 today. This isn't just market beta: the attacker from October's Binance hack sold 217.5M $ENA for roughly $34M, and a scheduled unlock of about $18M worth hit on Nov 5. Add $2.4M in longs liquidated in a single hour and you get the picture.
$BTC is off 5.3% near $76,100, so the whole board is red — but $ENA is falling almost twice as fast.
I'm watching $0.156, today's low. Hold above it and the forced selling might finally dry up; lose it and $0.15 is the next line, with the slide likely picking up speed while unlock supply keeps hitting.
Would you buy a token while hacker supply is still being sold, or wait for the unlock dust to settle first?
#Ethena #DeFi #BinanceSquare