Ethena's governance token $ENA fell to around $0.17 on Monday, down more than 6% over 24 hours, as a broad altcoin decline pushed $NEAR, $ZEC and $WLD lower by 5% or more. Bitcoin slipped abo
Ethena's governance token $ENA fell to around $0.17 on Monday, down more than 6% over 24 hours, as a broad altcoin decline pushed $NEAR, $ZEC and $WLD lower by 5% or more. Bitcoin slipped about 1.2% over the same period. Over the past seven days, ENA has lost roughly 18%, compared with about 4% for Bitcoin and about 3% for $ETH.
The weakness follows the Binance security breach of October 29. Crypto.news reported that on-chain analytics firm Lookonchain found the attacker sold 217.5 million ENA for $33.93 million, swapping the tokens for Ether at an average price near $0.16. ENA was one of seven altcoins the attacker converted. According to Crypto Times, the seven tokens were swapped for a combined 70,480 ETH, worth about $158.25 million.
Binance has said it set aside more than $6.34 billion in company funds to compensate users, according to Bloomingbit. The same report said a wallet tied to Ethena deposited 128.6 million ENA, worth $24.33 million, to Binance, which raised the possibility of an over-the-counter deal to help replace stolen tokens. Crypto Times noted that neither Binance nor Ethena had confirmed the purpose of the transfer at the time of publication.
@ethena also has a scheduled token unlock this week. CoinDesk's weekly crypto calendar lists a November 5 unlock of 0.88% of ENA's circulating supply, worth $17.86 million. Unlock estimates differ between data providers, and token unlocks can add to selling pressure by increasing circulating supply.
Price pressure on ENA has been building for some time. DiarioBitcoin data showed the token down about 25.5% over 30 days as of November 2, trading below its short-term moving averages. Traders are likely to watch whether the unlock and any further Binance-related token flows add to supply in a market that is already under strain.
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