Table of Contents
Ethena is trading less trading as fresh concerns around liquidity risk and a major token weighted on investors.
Summary
- Ethena unlocked the $ 106M in the ENA token, adding possible sales pressure.
- Caos Labs warned the liquidity RISC from Ethena’s $ 4.7B AAV Exposure.
- Technical weak speed shows, but the major support levels still hold.
As this writing, Ethena (ENA) is tracking at $ 0.586, which is 2.9% below in the last day. Despite increasing more than 130% compared to the previous month, it has fallen 5.6% in the last week. Recent improvement
Token unlock enhances supply-side pressure
On August. Accounting for 5, 171.8 million ENA tokens, approximately $ 100 million and 2.6% of the total support was unlocked. Only 41% of the entire supply of ENA is unlocked so far, and the most recurrected transcripts connect the posters selling on the market, especially if the recipients announced the lyans.
However, Athena’s recent development, strong ecosystem partnership and token-based corporate interest in tokens are motivated, some of this pressure may reduce some of this pressure.
Despite the unlock, the market activity is still high. The 24-hour spot trading volume for ENA is $ 1.01 billion, a decrease of 3.9%. Coinglass data, derivative volume fell 7.6% to $ 3.19 billion, while open interest fell 3.6% to $ 1.06 billion, leading to a minor indication of speculative activity.
Aave exposes with exposure risk analysts
Apart from market watchers unlock, Ethena’s growing presentation on AAVE is closely monitoring. Garbage for 1 August. By 2 post risk advisory firm Caos Labs, Aave is now more than 55% of UsDE (USDE) backing assets, priced at $ 4.7 billion.
This strategy, known as a rehipothanation, uses similar assets to support USDE and produce yield on the borrowing protocol. Despite being prevalent in traditional finance, the dual-judge nature inscription of these stores is systemic delicate.
Caos Labs has warned that a delevor event, like a large -scale redmission or a vanning trust, may lack a liquidity that affects both the wounds AAV and Ethanna. Concerns are increasing that a single lending protocol may reduce the much more dependence stability, as estalllee USDE supplement has increased by 75% to a recorder to $ 9.3 billion in the last month.
Ethana technical analysis
The value action of the ENA is currently cooled, but the significant support levels are still in place. At 53, the relative power index indicates neutral speed. Bollinger bands indicate a decrease in instability after a recent decline of $ 0.67.
Most moving averages are still pointing upwards. The ENA is trading above both its 50-day and 100-day exponential moving average, which is $ 0.414 and $ 0.389, with responsibility. Despite the short-term instability, it supports a long-TRM rapidly outlook.
A pullback towards $ 0.52 may be possible if the price breaks below $ 0.56 – $ 0.58 range. However, if the market situation stabilizes, fresh procurement above $ 0.60 may retract $ 0.65 and above.
