Ethena capai rekor terendah: Mengapa adopsi USDe tidak membantu ENA?

ambcrypto2026-01-31 tarihinde yayınlandı2026-01-31 tarihinde güncellendi

Özet

Token ENA dari Ethena mencapai rekor terendah sepanjang masa pada 30 Januari, turun ke $0,1484, meskipun ada adopsi stablecoin sintetis USDe yang semakin global. Harga ENA terus menunjukkan tren bearish sejak akhir September 2025, dengan tekanan jual yang konsisten dan token unlock yang berkelanjutan. Meskipun ada whale yang membeli dan menarik ENA dari bursa untuk staking, permintaan retail tidak cukup kuat untuk mendorong pemulihan harga. Data MVRV menunjukkan ENA diperdagangkan jauh di bawah harga realisasi, dengan persentase pasokan yang menguntungkan tetap di bawah 10% sejak pertengahan November, menandakan potensi bottom pasar yang membutuhkan waktu minggu bahkan bulan untuk pulih. Sementara itu, protokol DeFi Ethena sendiri tetap stabil, dengan USDe mempertahankan peg $1-nya selama volatilitas pasar.

Pada awal Januari, AMBCrypto mencatat bahwa harga token Ethena [ENA] gagal bereaksi positif terhadap berita kemitraan baru. Pada tanggal 30 Januari, bursa kripto HTX mengumumkan pencatatan USDe, stablecoin sintetis Ethena.

Pertumbuhan adopsi global USDe tampaknya tidak secara langsung mempengaruhi pergerakan harga ENA, yang telah bearish sejak akhir September 2025. ENA mencapai rekor terendah sepanjang masa pada tanggal 30 Januari, ketika harga menyentuh $0,1484.

AMBCrypto juga mencatat bahwa investor ritel menjual sementara beberapa paus membeli ENA. Perubahan positif dalam saldo paus Ethena disertai dengan penarikan paus dari bursa sentral untuk staking.

Tren harga Ethena tetap bearish dengan kuat

Permintaan tidak cukup kuat untuk mengatasi pembukaan kunci token dan tekanan penjualan yang stabil. Dari perspektif aksi harga, pantulan harga menuju $0,25 dan sell-off telah diantisipasi. Ini telah terjadi, dibantu oleh volatilitas Bitcoin [BTC].

Pencatatan USDe di HTX diikuti oleh pantulan harga ENA ke $0,157, yang hampir langsung dijual pada hari Jumat. Pita harga MVRV menunjukkan bahwa ENA diperdagangkan jauh di bawah harga realisasinya.

Pada September 2024, tren penurunan di bawah harga realisasi telah berusia dua bulan sebelum ENA mendapatkan kesempatan untuk berbalik pada Q4 2024. Periode perdagangan saat ini di bawah pita RP 0,8 juga telah berusia lebih dari dua bulan.

Persentase pasokan dalam profit telah berada di bawah 10% sejak pertengahan November. Pada Juni-Juli 2025 dan September 2024, persentase pasokan dalam profit tetap di bawah 1% selama berminggu-minggu, menandai titik terendah pasar lokal.

Ini menunjukkan bahwa pemegang mungkin menghadapi minggu-minggu bearish dan penurunan lebih lanjut. Ini adalah waktu yang sangat berisiko untuk membeli ENA, meskipun protokol DeFi itu sendiri berjalan dengan baik.

Sebagai contoh, selama crash 10/10, USDe tidak menyimpang secara signifikan di on-chain dari target patokannya sebesar $1, yang menggarisbawahi kekuatan DeFi.

Data DeFiLlama menunjukkan bahwa Total Value Locked pada protokol Ethena telah menurun sedikit lebih dari 50% sejak Oktober, tetapi telah mempertahankan tren kenaikan jangka panjangnya.

Pemikiran Akhir

  • Token ENA terus menunjukkan bearishness pada grafik harga, dan persentase pasokan dalam profit berada di bawah 1% untuk sebagian besar sepuluh hari terakhir.
  • Digabungkan dengan sentimen pasar kripto yang lebih luas dan ancaman BTC jatuh di bawah $74k, pemegang ENA mungkin harus tetap dalam kondisi rugi selama berbulan-bulan ke depan.

Trend Kriptolar

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İlgili Sorular

QMengapa harga token ENA mencapai rekor terendah baru meskipun adopsi USDe meningkat?

AHarga ENA terus mengalami tekanan jual yang kuat dan token unlock, sementara adopsi USDe sebagai stablecoin sintetis tidak secara otomatis mendorong permintaan untuk token governance ENA.

QApa yang ditunjukkan oleh data MVRV pricing bands tentang nilai ENA?

AMVRV pricing bands menunjukkan bahwa ENA diperdagangkan jauh di bawah harga realisasinya (realized price), mengindikasikan bahwa sebagian besar pemegang token mengalami kerugian.

QBagaimana perilaku investor retail dan whale terhadap ENA menurut artikel?

AInvestor retail cenderung menjual ENA, sementara beberapa whale justru membeli dan menarik token mereka dari exchange untuk keperluan staking.

QApa yang ditunjukkan oleh persentase supply in profit di bawah 1% untuk ENA?

APersentase supply in profit di bawah 1% menandakan titik terendah pasar lokal dan menunjukkan bahwa pemegang token mungkin akan menghadapi minggu-minggu bearish dan penurunan harga lebih lanjut.

QBagaimana kinerja protocol Ethena secara fundamental meskipun harga ENA turun?

AProtocol Ethena secara fundamental tetap solid, dengan USDe berhasil mempertahankan peg $1 selama market crash dan Total Value Locked (TVL) masih mempertahankan tren kenaikan jangka panjang meski turun 50% sejak Oktober.

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