Unlock-driven sell-off | $ENA -15% in 24h as 10% new supply broke through 0.21
Bottom line: $ENA (Ethena) fell 15% in 24h, breaking below 0.21 and posting the second-biggest drop among the top 100.
Gainers and losers: $STRK -29.3%｜$ENA -15.1%｜$NEAR -13.4%｜$ETH -4.4% (2,423)｜$BTC -2.8% (81,378)｜$BDX +11.1% (the only one in the green)
Why: About 1.4 billion tokens unlocked on October 5 (≈10% in new supply), and the price slid from 0.28 to 0.20; on-chain data showed $17.7 million in profit-taking in a single hour. Protocol metrics remain solid (fees topped $1.06 billion, and USDe is near $4.8 billion), but fundamentals don’t matter much when new supply hits the market.
Has the unlock-related selling pressure been absorbed?
For personal reference only; this is not investment advice.
Bottom line: $ENA (Ethena) fell 15% in 24h, breaking below 0.21 and posting the second-biggest drop among the top 100.
Gainers and losers: $STRK -29.3%｜$ENA -15.1%｜$NEAR -13.4%｜$ETH -4.4% (2,423)｜$BTC -2.8% (81,378)｜$BDX +11.1% (the only one in the green)
Why: About 1.4 billion tokens unlocked on October 5 (≈10% in new supply), and the price slid from 0.28 to 0.20; on-chain data showed $17.7 million in profit-taking in a single hour. Protocol metrics remain solid (fees topped $1.06 billion, and USDe is near $4.8 billion), but fundamentals don’t matter much when new supply hits the market.
Has the unlock-related selling pressure been absorbed?
For personal reference only; this is not investment advice.