$ENA is the worst large-cap on Binance today, down ~6% to $0.1545 while $BTC barely moved.
That gap is the story. This isn't a market dump; it's an ENA-specific supply problem.
What's weighing on it:
- Reports say the Oct 29 Binance hacker sold ~217.5M ENA in hours, about 1.6% of total supply, and swapped it to ETH.
- Large holders are still selling into thin weekend liquidity.
- Ethena's buyback engine only switches on once USDe supply reaches $7.5B. Reports put it below $5B right now.
Today's range: $0.1533 to $0.1654. BTC is flat near $75.9K.
My view: the buyback is the bull case, but it's conditional, and the condition isn't met yet. Until USDe supply grows, every rally runs into sellers.
Levels I'm watching:
- $0.153: today's low. Losing it opens a move toward $0.145.
- $0.160 to $0.165: reclaim this and the selling looks finished for now.
Would you buy ENA here, or wait for USDe supply to grow first?
#BinanceSquare #ENA #Ethena #Altcoins #CryptoMarket
Not financial advice.
That gap is the story. This isn't a market dump; it's an ENA-specific supply problem.
What's weighing on it:
- Reports say the Oct 29 Binance hacker sold ~217.5M ENA in hours, about 1.6% of total supply, and swapped it to ETH.
- Large holders are still selling into thin weekend liquidity.
- Ethena's buyback engine only switches on once USDe supply reaches $7.5B. Reports put it below $5B right now.
Today's range: $0.1533 to $0.1654. BTC is flat near $75.9K.
My view: the buyback is the bull case, but it's conditional, and the condition isn't met yet. Until USDe supply grows, every rally runs into sellers.
Levels I'm watching:
- $0.153: today's low. Losing it opens a move toward $0.145.
- $0.160 to $0.165: reclaim this and the selling looks finished for now.
Would you buy ENA here, or wait for USDe supply to grow first?
#BinanceSquare #ENA #Ethena #Altcoins #CryptoMarket
Not financial advice.