Ethena hits all-time low: Why isn’t USDe adoption helping ENA?

ambcryptoPubblicato 2026-01-31Pubblicato ultima volta 2026-01-31

Introduzione

Despite the growing global adoption of its synthetic stablecoin, USDe, and its recent listing on crypto exchange HTX, the Ethena (ENA) token hit a new all-time low of $0.1484 on January 30th. The price has remained in a bearish trend since late September 2025, failing to react positively to new partnerships. Analysis shows that while some whales were buying and staking ENA, retail investors were selling. The token's price action is well below its realized price, and the percent of supply in profit has been under 10% since mid-November, indicating a high-risk environment for buyers. Despite ENA's bearish price performance, the Ethena protocol itself has shown resilience, with USDe maintaining its peg during market stress.

Earlier in January, AMBCrypto noted that Ethena [ENA] token prices failed to react positively to the news of new partnerships. On the 30th of January, crypto exchange HTX announced the listing of USDe, Ethena’s synthetic stablecoin.

The growth of USDe’s global adoption does not seem to directly affect ENA price action, which has been bearish since late September 2025. It made an all-time low on the 30th of January, when prices reached $0.1484.

AMBCrypto also noted that retail investors were selling while some whales bought ENA. The positive change in the Ethena whale balance was accompanied by whale withdrawals from central exchanges for staking.

Ethena price trends remain firmly bearish

Demand was not strong enough to overcome the token unlocks and steady selling pressure. From a price action perspective, a price bounce toward $0.25 and a sell-off were expected. This has come to pass, aided by Bitcoin [BTC] volatility.

The USDe listing on HTX was followed by an ENA price bounce to $0.157, which was almost immediately sold off on Friday. The MVRV pricing bands showed that ENA was trading well below its realized price.

In September 2024, the downtrend below the realized price was two months old before ENA got a chance to reverse in Q4 2024. The current run below the 0.8 RP band is just over two months old, too.

The percent supply in profit has been under 10% since mid-November. In June-July 2025 and September 2024, the percent supply in profit remained under 1% for weeks together, marking a local market bottom.

This showed that holders might have more weeks of bearishness and drawdown ahead. It was a highly risky time to buy ENA, though the DeFi protocol itself was doing fine.

For example, during the 10/10 crash, USDe did not deviate notably on-chain from its $1 peg target, underlining the strength of DeFi.

DeFiLlama data showed that the Total Value Locked on the Ethena protocol has declined by just over 50% since October, but has maintained its longer-term uptrend.

Final Thoughts

The ENA token continued to show bearishness on the price charts, and the percent supply in profit was under 1% for most of the past ten days.
Combined with the wider crypto market sentiment and the threat of BTC falling below $74k, ENA holders might have to remain underwater for months to come.

Crypto di tendenza

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

ZRX（0X）ZRX

PancakeSwapCAKE

Domande pertinenti

QWhat was the price of ENA when it hit its all-time low on January 30th?

AThe price of ENA reached $0.1484 when it hit its all-time low on January 30th.

QAccording to the article, what was the relationship between the growth of USDe adoption and the ENA token?

AThe growth of USDe's global adoption did not seem to directly affect ENA price action, which remained bearish.

QWhat did the MVRV pricing bands indicate about the ENA token's trading price?

AThe MVRV pricing bands showed that ENA was trading well below its realized price.

QHow did the Ethena protocol's USDe stablecoin perform during the 10/10 crash mentioned in the article?

ADuring the 10/10 crash, USDe did not deviate notably on-chain from its $1 peg target, underlining the strength of the DeFi protocol.

QWhat is the current state of the 'percent supply in profit' for ENA, and what does it indicate for potential buyers?

AThe percent supply in profit has been under 10% since mid-November and was under 1% for most of the past ten days, indicating it is a highly risky time to buy ENA and that holders might have more weeks of bearishness ahead.

Letture associate

The Verdict in Choi Tae-won's Divorce Case: Revealing the Inheritance Undercurrent Behind SK Hynix's Trillion-Won Empire

SK Group Chairman Chey Tae-won's high-profile divorce case, involving a record 1.38 trillion won settlement, has drawn attention to the succession plans for Korea's second-largest conglomerate, especially its crown jewel, SK hynix. Unlike traditional chaebol scripts centered on the eldest son, Chey's three children from his marriage to former President Roh Tae-woo's daughter, Roh Soh-yeong, are carving distinct, non-traditional paths. Eldest daughter Chey Yun-jung (b. 1989) is seen as the most evident successor. With a scientific and consulting background, she holds executive roles at SK bioscience and SK Inc.'s growth support department, focusing on future strategy and biopharma. Her marriage is to an AI infrastructure entrepreneur, not a traditional business alliance. Second daughter Chey Min-jung (b. 1991) took a unique route, voluntarily serving as a South Korean naval officer, including an anti-piracy deployment. She later worked on policy and strategy for SK hynix in Washington D.C. before co-founding an AI-driven healthcare startup. She married a former U.S. Marine Corps officer, connecting her to U.S. defense and policy circles—networks crucial for a global semiconductor giant. The only son, Chey In-geun (b. 1995), who studied physics like his father, worked briefly at SK E&S before joining McKinsey. Despite fitting the traditional "heir" profile as the eldest son, he remains silent and holds no public position or shares in SK, suggesting the old succession playbook is obsolete. As SK hynix's valuation soars, becoming a geopolitical asset in the AI era, the heirs' legitimacy is no longer automatic. They must prove themselves in fields like AI biotech, global policy, and strategic consulting. Their marriages also reflect new elite networks in tech and defense, not old political alliances. Their inheritance is the complex challenge of navigating a globalized, tech-driven world, not just a corporate throne.

marsbit10 h fa

The Verdict in Choi Tae-won's Divorce Case: Revealing the Inheritance Undercurrent Behind SK Hynix's Trillion-Won Empire

marsbit10 h fa

Banks oppose stablecoin yield deal – Can CLARITY Act find 60 votes?

The Bank Policy Institute (BPI) has opposed the latest draft of the CLARITY Act, criticizing its provisions on stablecoin yield and illicit finance. The banking industry sought a total ban on stablecoin yield, but the bill's compromise only prohibits passive yield on idle balances. This opposition has influenced lawmakers, reducing tentative Republican Senate support to potentially 49 votes. With the 60-vote threshold needed, securing sufficient Democratic support appears difficult as some pro-crypto Democrats also oppose the bill due to ethics and illicit finance concerns. Senate Majority Leader John Thune expressed doubt the bill can pass before the August recess. Market odds for the bill's passage in 2026 have fallen, leaving its future uncertain.

ambcrypto10 h fa

Banks oppose stablecoin yield deal – Can CLARITY Act find 60 votes?

ambcrypto10 h fa

2 Months, Valuation Soars from $8.8B to $68B! The Largest AI Model Hub OpenRouter May Be Acquired

Stripe is reportedly in talks to acquire AI model marketplace OpenRouter for a price nearing $10 billion, a dramatic increase from its $1.3 billion valuation just two months prior. The deal, which could be announced within a month, would see the payment giant absorb a key "router" or aggregation layer in the AI infrastructure stack. OpenRouter provides developers with a single API to access over 400 large language models (LLMs), automatically routing queries to the most suitable model based on cost, capability, and speed. This allows AI applications to optimize expenses while maintaining user experience. Founded in 2023 by ex-OpenSea co-founder Alex Atallah and Louis Vichy, OpenRouter has grown rapidly, reaching $50 million in annualized revenue by April and serving over one million developers. For Stripe, the acquisition of OpenRouter follows its late-2025 purchase of usage-based billing platform Metronome. The combined strategy aims to create an integrated suite for the AI economy: OpenRouter would handle model selection and routing, Metronome would manage granular usage-based billing, and Stripe's core platform would process payments. This positions Stripe to control a critical part of the AI application value chain, influencing which models get used while simplifying cost management for enterprise customers.

链捕手11 h fa

2 Months, Valuation Soars from $8.8B to $68B! The Largest AI Model Hub OpenRouter May Be Acquired

链捕手11 h fa

From OpenSea to OpenRouter: Is Alex Atallah Repeating His 'Exit at the Peak' Playbook?

From OpenSea to OpenRouter: Is Alex Atallah Repeating His "Exit at the Peak" Playbook? According to the Wall Street Journal, payments giant Stripe is in talks to acquire the AI model aggregation platform OpenRouter in a potential deal valuing the company near $100 billion. This would mark founder Alex Atallah's second creation of a company reaching a $100 billion valuation, following his co-founding of NFT marketplace OpenSea. OpenRouter, founded just over three years ago, has grown rapidly by acting as a unified gateway for developers to access over 400 AI models. It currently has about 10 million users and processes over 200 trillion tokens monthly. While the platform's annualized revenue is around $50 million, its valuation has skyrocketed from $1.3 billion in March 2026. The potential acquisition by Stripe, a company OpenRouter's founder once likened it to, represents a major expansion into AI infrastructure for the payments leader. This move echoes Atallah's previous timing with OpenSea, where he departed before the NFT market's significant downturn. For OpenRouter, selling now may be strategic. Despite its scale, its business model—charging a 5-5.5% fee on AI inference calls—faces pressure from competition, open-source models, and potential price wars among model providers, limiting its profitability narrative for an IPO. A key asset for potential acquirers like Stripe is OpenRouter's vast repository of real-world AI usage data, which offers unique insights into model performance and developer preferences that are difficult to replicate. Whether this potential deal signifies a new valuation benchmark for AI infrastructure or another market peak signal remains to be seen.

链捕手11 h fa

Pons V2 brings RWA trading pairs as Robinhood Chain broadens its ambitions

Pons, a key launchpad on Robinhood Chain, has launched its V2 upgrade. The update aims to boost liquidity, remove trading restrictions for most users via an ETH-denominated bonding curve, and introduces support for custom tokenized real-world asset (RWA) trading pairs. This aligns with Robinhood Chain's broader RWA focus. The upgrade also allows creators to collect fees in ETH by default. The network itself is growing rapidly, surpassing $300 million in Total Value Locked. Its cumulative DEX volume has exceeded $9 billion, with about 80% coming from speculative memecoin trading. However, data shows 63% of traders are at a loss, with profits concentrated in a small number of wallets. The introduction of RWAs could help drive more organic adoption for the chain, which is positioning itself as a major player for speculative trading, challenging networks like Base and Solana.

ambcrypto11 h fa

Trading

Spot

Articoli Popolari

Come comprare T

Benvenuto in HTX.com! Abbiamo reso l'acquisto di Threshold Network Token (T) semplice e conveniente. Segui la nostra guida passo passo per intraprendere il tuo viaggio nel mondo delle criptovalute.Step 1: Crea il tuo Account HTXUsa la tua email o numero di telefono per registrarti il tuo account gratuito su HTX. Vivi un'esperienza facile e sblocca tutte le funzionalità,Crea il mio accountStep 2: Vai in Acquista crypto e seleziona il tuo metodo di pagamentoCarta di credito/debito: utilizza la tua Visa o Mastercard per acquistare immediatamente Threshold Network TokenT.Bilancio: Usa i fondi dal bilancio del tuo account HTX per fare trading senza problemi.Terze parti: abbiamo aggiunto metodi di pagamento molto utilizzati come Google Pay e Apple Pay per maggiore comodità.P2P: Fai trading direttamente con altri utenti HTX.Over-the-Counter (OTC): Offriamo servizi su misura e tassi di cambio competitivi per i trader.Step 3: Conserva Threshold Network Token (T)Dopo aver acquistato Threshold Network Token (T), conserva nel tuo account HTX. In alternativa, puoi inviare tramite trasferimento blockchain o scambiare per altre criptovalute.Step 4: Scambia Threshold Network Token (T)Scambia facilmente Threshold Network Token (T) nel mercato spot di HTX. Accedi al tuo account, seleziona la tua coppia di trading, esegui le tue operazioni e monitora in tempo reale. Offriamo un'esperienza user-friendly sia per chi ha appena iniziato che per i trader più esperti.

451 Totale visualizzazioniPubblicato il 2024.12.10Aggiornato il 2026.06.02

Discussioni

Benvenuto nella Community HTX. Qui puoi rimanere informato sugli ultimi sviluppi della piattaforma e accedere ad approfondimenti esperti sul mercato. Le opinioni degli utenti sul prezzo di T T sono presentate come di seguito.