$ENA has an unlock coming this weekend, and the trackers don't agree on how big it is
If you hold $ENA, check the numbers yourself before the weekend, because the sources don't line up.
CoinLaunch lists 171.88 million ENA unlocking on November 2: 93.75 million for core contributors and 78.13 million for investors. Cryptoticker wrote about 275,015,625 ENA unlocking on November 1. To add to the confusion, Ethena said in August that all remaining original investor tokens would be released at once starting October 5, ending the monthly investor unlocks, while team tokens stay on their original vesting schedule.
At today's price of about $0.2066, 171.88 million ENA is worth about $35.5 million, and 275 million is about $56.8 million. ENA traded about $34.9 million on Binance spot in the last 24 hours, so even the smaller figure is roughly a full day of volume on this pair. An unlock isn't a sale, but it is new supply that can be sold.
There's also no buyback cushion yet. Ethena's fee switch sends 95% of net revenue from its core products into ENA buybacks only once USDe supply reaches $7.5 billion. Cryptoticker put USDe supply at about $4.66 billion on October 21.
The chart: ENA is flat over 24 hours, down about 3.4% on the week and about 19.5% over 30 days. Support is $0.1974, Tuesday's low, then $0.1839 from October 24 and $0.1744, the October 18 low and the lowest price in 30 days. Resistance is $0.2165, Tuesday's high, then $0.226 from October 21.
How ENA trades around $0.1974 into the weekend will tell us more than any unlock headline.
Data from Binance public API, pulled 07:59 GMT on 28 October. Not financial advice. Do your own research.
If you hold $ENA, check the numbers yourself before the weekend, because the sources don't line up.
CoinLaunch lists 171.88 million ENA unlocking on November 2: 93.75 million for core contributors and 78.13 million for investors. Cryptoticker wrote about 275,015,625 ENA unlocking on November 1. To add to the confusion, Ethena said in August that all remaining original investor tokens would be released at once starting October 5, ending the monthly investor unlocks, while team tokens stay on their original vesting schedule.
At today's price of about $0.2066, 171.88 million ENA is worth about $35.5 million, and 275 million is about $56.8 million. ENA traded about $34.9 million on Binance spot in the last 24 hours, so even the smaller figure is roughly a full day of volume on this pair. An unlock isn't a sale, but it is new supply that can be sold.
There's also no buyback cushion yet. Ethena's fee switch sends 95% of net revenue from its core products into ENA buybacks only once USDe supply reaches $7.5 billion. Cryptoticker put USDe supply at about $4.66 billion on October 21.
The chart: ENA is flat over 24 hours, down about 3.4% on the week and about 19.5% over 30 days. Support is $0.1974, Tuesday's low, then $0.1839 from October 24 and $0.1744, the October 18 low and the lowest price in 30 days. Resistance is $0.2165, Tuesday's high, then $0.226 from October 21.
How ENA trades around $0.1974 into the weekend will tell us more than any unlock headline.
Data from Binance public API, pulled 07:59 GMT on 28 October. Not financial advice. Do your own research.
