ENA: To $1 or Zero? 💸

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A Most Peculiar Situation

The Curious Case of ENA’s Valuation

One observes, with a detached sort of pity, that ENA’s current position is… delicate. A declining volume, a whiff of structural anxiety, and a spot of enthusiastic selling-it all suggests a certain lack of robust confidence. Rather like a debutante attempting a waltz with a particularly clumsy partner. 🙄

A Flicker of Hope (Possibly)

Despite the gloom, Ethena’s TVL, the number of vaguely interested parties holding the token, and the promise of yield rewards do, in their way, suggest a lingering vitality. The past two months have seen a rather determined, if somewhat breathless, forward movement.

The coming week, it appears, promises a general deflation of the cryptocurrency bubble, with only a handful of digital baubles remaining aloft. A rather dreary prospect, don’t you think?

Ethena [ENA] has experienced a modest decline – a mere 1.6% in the last 24 hours – while the daily trading volume has suffered a distinctly more dramatic fall, a good ten times the price adjustment, if one is keeping score.

The response from the public and those discerning institutional investors has been, shall we say, mixed. A veritable disagreement of opinion, though at least the underlying paper value remains… present.

A Foundation of… Something

Nansen AI’s assessment of the holders is bewildering. Smart Money and the common rabble increased their holdings by 4.48% and 1.68% respectively. Whales and exchanges, in a display of exquisite timing, reduced theirs by 3.43% and 17.45%. One wonders if they know something the rest of us don’t, or if it’s merely a whim.

Arca, in a gesture of unwavering (or perhaps misguided) faith, holds some $4.57 million in ENA. A pittance, really, representing about 0.05% of the total supply – barely enough to acquire a decent garden gnome.

More noticeably, the Total Value Locked (TVL) has surged to a new zenith – $13.88 billion – accompanied by a daily influx of $151 million. A clear sign of institutional intrigue, or perhaps merely a temporary lapse in judgement.

Furthermore, the number of active addresses has increased to a respectable 32,000. All very encouraging, assuming these addresses aren’t simply bots or overly enthusiastic stamp collectors.

The potential for yield rewards is also tempting, currently boasting a monthly APY of 0.072. A sum sufficient, perhaps, to purchase a moderately sized biscuit. The price did swell from July, before settling into an rather tedious flatter state.

The Source of the Malaise

Examining the daily price chart, one might detect the beginnings of a “double top”. A rather undignified formation, suggestive of a loss of momentum. However, a confirmation of this shift in structure requires a breach of the neckline. A most vulgar term, wouldn’t you agree?

Should that level hold, the structure shift may be proven inaccurate. However, if $0.60 capitulates, the $0.50 zone looms as next in line to face pressure.

The data from TradingView reveals a distinct decline in volume since the 11th of September. A worrying trend.

Some $5.4 million in ENA was, rather crassly, deposited into CEX exchanges for a spot of profit-taking. This, inevitably, triggered a cascade of selling.

Still, the Funding Rate is resolutely negative, indicating that sellers are, rather generously, subsidising buyers. A peculiar arrangement, amounting to -0.0046% at present.

However, the netflows from exchanges are moderating, leaving room for a potential bullish resurgence if the sellers exhaust themselves. One can only hope. 🥂

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2025-09-22 03:24