Ethena alcanza su mínimo histórico: ¿Por qué la adopción de USDe no está ayudando a ENA?

ambcryptoОпубликовано 2026-01-31Обновлено 2026-01-31

Введение

El token ENA de Ethena alcanzó su mínimo histórico el 30 de enero, cotizando a $0.1484, a pesar del crecimiento en la adopción de su stablecoin sintético USDe, que fue listado en el exchange HTX. Aunque algunos ballenas compraron ENA para staking, la presión de venta minorista y los desbloqueos de tokens mantuvieron la tendencia bajista. El precio se mantiene por debajo de su valor realizado, con menos del 10% de los holders en ganancias desde noviembre. Los datos sugieren que la recuperación podría tardar meses, especialmente en un contexto de posible corrección de Bitcoin. Pese a esto, USDe mantuvo su paridad de $1 durante la crisis de octubre, demostrando solidez en el ecosistema DeFi de Ethena.

A principios de enero, AMBCrypto señaló que el precio del token Ethena [ENA] no reaccionó positivamente a la noticia de nuevas asociaciones. El 30 de enero, el exchange de criptomonedas HTX anunció la listación de USDe, la stablecoin sintética de Ethena.

El crecimiento de la adopción global de USDe no parece afectar directamente a la acción del precio de ENA, que ha sido bajista desde finales de septiembre de 2025. Alcanzó un mínimo histórico el 30 de enero, cuando los precios llegaron a $0.1484.

AMBCrypto también señaló que los inversores minoristas estaban vendiendo mientras que algunas ballenas compraban ENA. El cambio positivo en el balance de las ballenas de Ethena estuvo acompañado por retiros de ballenas de los exchanges centralizados para hacer staking.

Las tendencias de precio de Ethena se mantienen firmemente bajistas

La demanda no fue lo suficientemente fuerte como para superar los desbloqueos de tokens y la presión constante de venta. Desde una perspectiva de acción del precio, se esperaba un rebote hacia $0.25 y una venta masiva. Esto ha sucedido, ayudado por la volatilidad de Bitcoin [BTC].

Tras la listación de USDe en HTX, siguió un rebote del precio de ENA a $0.157, que fue vendido casi inmediatamente el viernes. Las bandas de precios MVRV mostraron que ENA cotizaba muy por debajo de su precio realizado.

En septiembre de 2024, la tendencia a la baja por debajo del precio realizado tenía dos meses antes de que ENA tuviera la oportunidad de revertirse en el Q4 de 2024. La actual racha por debajo de la banda de 0.8 RP también tiene poco más de dos meses.

El porcentaje de suministro en ganancias ha estado por debajo del 10% desde mediados de noviembre. En junio-julio de 2025 y septiembre de 2024, el porcentaje de suministro en ganancias se mantuvo por debajo del 1% durante semanas seguidas, marcando un fondo de mercado local.

Esto mostró que los tenedores podrían tener más semanas de pesimismo y caída por delante. Era un momento muy arriesgado para comprar ENA, aunque el propio protocolo DeFi estaba funcionando bien.

Por ejemplo, durante el crash del 10/10, USDe no se desvió notablemente on-chain de su objetivo de paridad de $1, subrayando la fortaleza de DeFi.

Los datos de DeFiLlama mostraron que el Valor Total Bloqueado en el protocolo Ethena ha disminuido en poco más del 50% desde octubre, pero ha mantenido su tendencia alcista a más largo plazo.

Reflexiones Finales

El token ENA continuó mostrando pesimismo en los gráficos de precios, y el porcentaje de suministro en ganancias estuvo por debajo del 1% durante la mayor parte de los últimos diez días.
Combinado con el sentimiento más amplio del mercado de criptomonedas y la amenaza de que BTC caiga por debajo de $74k, los tenedores de ENA podrían tener que permanecer en pérdidas durante los próximos meses.

Связанные с этим вопросы

Q¿Por qué el precio de ENA no se ha beneficiado de la adopción de USDe?

AA pesar del crecimiento en la adopción global de USDe, el precio de ENA ha mantenido una tendencia bajista desde finales de septiembre de 2025, alcanzando un mínimo histórico el 30 de enero. La presión de venta constante y los desbloqueos de tokens han superado la demanda, evitando una reacción positiva.

Q¿Qué comportamiento mostraron los inversores minoristas y las ballenas con respecto a ENA?

ALos inversores minoristas estuvieron vendiendo ENA, mientras que algunas ballenas compraron el token. El balance positivo de las ballenas de Ethena coincidió con retiros de exchanges centralizados para staking.

Q¿Cómo ha afectado la volatilidad de Bitcoin al precio de ENA?

ALa volatilidad de Bitcoin [BTC] contribuyó a una recuperación temporal del precio de ENA hacia 0.157 dólares, seguida de una inmediata venta masiva, lo que reforzó la tendencia bajista general.

Q¿Qué indicador sugiere que ENA podría estar cerca de un fondo de mercado local?

AEl porcentaje de suministro en profit ha estado manteniendo por debajo del 1% durante la mayor parte de los últimos diez días, una condición que en el pasado (junio-julio de 2025 y septiembre de 2024) marcó fondos de mercado locales.

Q¿Cómo ha performado USDe en términos de estabilidad durante eventos de mercado?

ADurante el crash del 10/10, USDe no se desvió notablemente de su paridad objetivo de 1 dólar en la cadena, demostrando la solidez del protocolo DeFi de Ethena a pesar de la presión del mercado.

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