Ethena fell 12.3% over the past day after breaching $0.20 support, and more than $8.2 million in long positions were liquidated. Whale sales and futures outflows added pressure, while spot withdrawals offered some counterweight.
Ethena breached $0.20 support and plunged to $0.182 as bearish pressure persisted after the September Consumer Price Index release. At press time, the token traded around $0.184, down 12.3% over the past day. Trading volume rose 49% over the same period, which shows increased activity during the sell-off.
Long liquidations surge as futures money leaves
Leveraged bulls took a hit when ENA lost $0.20. CoinGlass data showed price volatility above 15% over 24 hours, and over $8.2 million in long positions were liquidated.
Capital also left the futures market. Ethena recorded $301 million in outflows against $263 million in inflows over the past day, which put Futures Netflow at -$38 million. However, these flows alone could not establish whether traders predominantly closed longs or shorts.
Whale sales add to the selling
Some large holders also reduced exposure. Nazoku reported that a whale sold nearly $800,000 worth of ENA before the CPI release, and the report said the investor realized roughly $50,000 in profit.
Separately, YZi Labs transferred 1.2 million ENA, worth $252,000, to exchanges, which raised the prospect of additional selling. The cited report put its cumulative sales at 135 million ENA, but the latest deposit alone did not confirm another sale.
Spot withdrawals offer a counterweight
Spot netflow stayed negative during the decline. It reached roughly -$2.4 million at press time, compared with -$4 million previously. More tokens left tracked exchanges than entered them, which could reflect accumulation, although withdrawals alone did not confirm dip-buying.
If selling persists, $0.16 could become the next downside level, with $0.13 as a deeper bearish scenario. Reclaiming and holding $0.20 could weaken the immediate bearish case.
Source: AMBCrypto
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