ENA Falls 7.26% After Binance-Hack-Linked Token Sale
Ethena price fell 7.26% to $0.18653 on October 30 after the attacker linked to Binance’s reported $6.3 billion security breach sold 217.5 million ENA for about $33.93 million, according to Lookonchain. The attacker reportedly converted the tokens into ETH as part of wider altcoin sales that generated 70,480 ETH worth $158.25 million.
ENA traded between $0.166247 and $0.217081 over 24 hours, with trading volume near $1.38 billion. It remains down 27.86% over the past month. The token faces resistance around $0.20 and $0.22; support is near $0.18 and $0.1658. A break below $0.1658 could expose $0.15, while a sustained move above $0.22 may open a path toward $0.24–$0.27.
Santiment said ENA fell more than 16% during the four-hour period around the breach, while USDe briefly slipped to $0.9974. USDe’s supply changed by only about $1.5 million, relatively little compared with its typical daily movement, suggesting limited disruption to the stablecoin’s supply during the incident. A separate leveraged long position in ENA was opened on Hyperliquid, but it does not confirm that selling pressure has ended. Weak technical momentum and broader market declines remain risks for the Ethena price.
Bearish
The immediate market signal is bearish for ENA. A reported sale of 217.5 million tokens—about $33.93 million—adds substantial supply to the market at a time when traders are already reacting to a major security incident. The reported 7.26% daily fall, Santiment’s loss of more than 16% during the four-hour window around the breach, high trading volume and a 27.86% monthly decline point to elevated volatility and weak near-term sentiment. Wider market weakness, including Bitcoin’s decline, may amplify risk reduction across altcoins.
Technically, ENA remains below key resistance around $0.20–$0.22, while momentum indicators cited in the report remain negative. Traders may watch $0.18 and $0.1658 as support levels; a break below the latter could prompt further selling toward $0.15. Conversely, a sustained recovery above $0.22 could ease immediate pressure and bring $0.24–$0.27 into view, but the reported leveraged long position alone is not evidence of a reversal.
Similar episodes in which large holders or attackers sell seized or compromised tokens have often caused sharp, token-specific drawdowns and short-lived volatility. The effect can fade if the selling is absorbed and the underlying project remains operational. Here, USDe’s brief move to $0.9974 and its relatively small supply change suggest the stablecoin experienced less disruption than ENA, limiting evidence of broader stress to Ethena’s system. In the short term, traders are likely to focus on further wallet movements, market-wide conditions and the support levels. Longer term, confidence will depend on the breach investigation, continued functioning of USDe, ENA demand and the progress of proposed buybacks, which are conditional on USDe supply reaching $7.5 billion. The overall assessment remains bearish because of direct sell pressure and weak technical conditions, although stablecoin resilience and a possible recovery above resistance are counterpoints.