ENA Slumps as Ethena Revenue Drops 32%—Can Demand Hold?
Ethena’s ENA price is sliding, hitting about $0.089 after a double-digit drop over 24 hours. The move tracks weakening fundamentals and heavier capital outflows.
In Q1 2026, Ethena gross protocol revenue fell to $65.06M from $96.15M in Q4 2025, a 32% decline. Liquidity has also deteriorated: TVL has slipped by roughly $130M since early March to around $6.66B. In the last 24 hours, about $16M was unstaked, signaling sustained exit from the protocol layer.
Profitability improved slightly, but not enough to reverse the trend. Q1 2026 gross profit was $614,190 versus $463,200 in Q4 2025, while Q3 2025 had far higher earnings ($10.18M). User activity remains weak, with Daily Active Users around 1,200—the lowest since December.
Still, spot demand offers a counter-signal. Exchange data shows net inflows into ENA spot positions of roughly $303,000 in 24 hours, with about $3.41M of purchases over three days. If accumulation continues, it may limit further downside even as ENA fundamentals lag.
Traders should watch whether ENA’s spot bid can outlast protocol-level outflows and whether revenue/TVL stabilization follows.
Bearish
Ethena/ENA 的“基本面走弱 + 资金外流”主导短期定价：Q1 收入下滑 32%、TVL 持续下降且出现显著“非小额”解质押（24小时约16M）。这类结构性下行通常会在反弹时形成上方压力，市场更倾向于先消化盈利能力与用户参与度的恶化。
但文章同时指出现货层面仍有资金在买入（3天约3.41M，24小时净流入约0.303M）。历史上，当“协议层流出”与“现货承接”同时出现时，价格往往先表现为区间震荡而非单边反转：若现货需求无法带动收入/TVL改善，则反弹高度会受限，回撤在基本面触发下更容易再出现。
因此，短期对 ENA 偏空（更容易被财务与流动性数据拖累），中长期仍取决于收入与 TVL 是否企稳、用户活跃度能否回升；若现货累积持续并最终传导到协议指标，情绪可能从偏空转向中性。