Ethena [ENA] fell sharply following the September Consumer Price Index release, breaching $0.20 support and declining to $0.182. At press time, the token traded around $0.184, down 12.3% over the past day, erasing gains from October and late September. Trading volume rose 49% during the same period.
The sharp move created liquidation pressure on leveraged traders. CoinGlass data showed ENA's price volatility exceeded 15% over 24 hours, with over $8.2 million in long positions liquidated. Capital also flowed out of the Futures market, with $301 million in outflows against $263 million in inflows, leaving Futures Netflow at -$38 million.
Whale Activity Adds Pressure
Large holders contributed to selling pressure ahead of and following the CPI data. One whale sold approximately $800,000 worth of ENA before the CPI release, realizing roughly $50,000 in profit. Separately, YZi Labs transferred 1.2 million ENA, worth $252,000, to exchanges. The transfer raised questions about additional selling, though the deposit alone did not confirm another sale.
Mixed Signals From Exchange Flows
Spot exchange netflows offered a potential counterweight to selling pressure. Spot netflow remained negative during the decline, reaching roughly -$2.4 million at press time compared with -$4 million previously. More tokens left tracked exchanges than entered them, which could reflect accumulation, though withdrawals alone did not confirm dip-buying.
Ethena remained under downside pressure following heavy long liquidations and net futures outflows. If selling persisted, $0.16 could become the next downside level, with $0.13 representing a deeper bearish scenario. For buyers, reclaiming and holding $0.20 could weaken the immediate bearish case.
