Ethena Dips After $106M Unlock — Will Aave Risk Make Things Worse?
Ethena (ENA) is under pressure after unlocking 171.8M tokens (~$106M), adding to short-term sell-side concerns. Only 41% of the total supply is unlocked so far, but this 2.6% tranche has already sparked caution among traders.
📉 Price Update
ENA is trading at $0.586, down 2.9% in 24h and 5.6% over the past week, despite gaining over 130% in the past month.
📊 Market Activity
Spot volume remains strong at $1.01B (–3.9%), while derivatives volume dipped 7.6% to $3.19B. Open interest also dropped by 3.6%, showing a slight cool-off in speculative activity.
⚠️ Aave Liquidity Risks
Chaos Labs flagged that over 55% of USDe’s reserves ($4.7B) are tied to Aave, raising concerns over rehypothecation risk. If there's a sharp deleveraging, both Ethena and Aave could face liquidity stress.
📈 Technical View
RSI: Neutral at 53
ENA trades above its 50-day and 100-day EMAs ($0.414 / $0.389)
Key support: $0.56–$0.58
Break below could test $0.52
Bullish recovery possible above $0.60, with eyes on $0.65+
Is this a healthy dip or the start of a deeper correction?