Ethena’s $5.72B Exodus: Is ENA Drowning in Despair? 🌊💸

The Bitter Harvest of Ethena’s Folly

What specter haunts the halls of Ethena’s decline?

Ah, the fickle embrace of token unlocks, the withering of revenue, and the stampede of investors fleeing like rats from a sinking ship-all conspire to strangle ENA’s price in its cradle. 🪦💨

How have the faithful turned their backs on Ethena’s altar?

Behold, a deluge of $5.72 billion in outflows and the drying up of inflows have left Ethena’s TVL gasping for breath, its market sentiment a shadow of its former self. 🌪️⚰️

Ethena [ENA], once a beacon of hope, now lies prostrate in the market’s dust, its value eroded by a 10% plunge. The vultures circle, for the bears have scented blood. 🐻🔍

Even the most blind of investors now squint at the charts, their fingers twitching toward the sell button, as if to hasten the inevitable descent into the abyss. 📉👀

$5.7B Flee ENA’s Sinking Ark!

The on-chain sentiment, once a chorus of optimism, now whispers of indifference. Over 30 days, the faithful have cast their tokens into the void, unlocking and selling with abandon. ⏳🚪

From the 11th of October to the 12th of November, a torrent of $5.72 billion in net outflows has laid waste to Ethena’s Total Value Locked (TVL). At this hour, its TVL stands at a mere $8.581 billion-a kingdom divided against itself. 🏰💔

AMBCrypto, ever the harbinger of doom, traces this calamity to the collapse of Ethena’s earnings. In the third quarter, ENA basked in daily earnings of $109,462; now, in the fourth, it scrapes by on a paltry $8,987. A once-mighty lion reduced to a whimpering cub. 🦁🐱

Profitability, that elusive siren, has abandoned Ethena’s shores as investors withdraw their treasures, leaving behind a wasteland of broken dreams. 🏜️💼

Maria Carola, the oracle of StealthEx, warns of darker days ahead, her voice a solemn dirge:

“Until inflation’s tempest and the Federal Reserve’s whims offer clarity, high-beta assets like ENA shall remain crucified on the cross of uncertainty.”

🌩️⚖️

Unlocks and Revenue’s Requiem Pressure ENA

Ethena’s price, once a proud stallion, now staggers under the weight of bearish chains. On the 8th of November, the protocol unleashed tokens worth $4.56 million-a mere 0.2% of its circulating supply-even as its S3 Airdrop scattered crumbs of $149,858 daily. A feast for the vultures, indeed. 🦅🍞

These unlocks, like salt in an open wound, have exacerbated the selling frenzy in a market still licking its wounds from past battles. 🩹⚔️

Meanwhile, Ethena’s protocol revenue has plummeted, its once-mighty stream reduced to a trickle. The downward spiral tightens its grip. 🌀💸

Reports speak of Ethena’s revenue lying in tatters, a mere $1,817 in the past day and $11,849 over the past week. A kingdom’s coffers emptied, its subjects scattering. 🏰🪙

A decline in revenue, the canary in the coal mine, signals the exodus of users. Fewer hands to till the soil mean less fruit for the harvest, as on-chain activity withers. 🦜⚒️

Artemis, the chronicler of truths, records a mere 24,500 transactions in this period-a ghost town where once a bustling marketplace stood. 👻🏙️

Inflows Dry Up as Sellers Feast

DeFiLlama, the herald of financial doom, proclaims that USD inflows into ENA have turned to dust, plunging to a negative $46 million. The sell-off is not a whisper but a roar. 🦁💨

Even the spot investors, once stalwart, now join the exodus, their $569,000 in withdrawals from centralized exchanges a testament to their lost faith. 🚶‍♂️💼

This marks a rare epoch of weekly outflows for ENA. Across four major liquidations, $3.915 million of the asset was cast into the void. If the sellers persist, the abyss awaits. 🕳️⚠️

Thus, Ethena stands at the precipice, its fate hanging by a thread. Will it find salvation, or shall it be swallowed by the tides of despair? Only time, that merciless judge, will tell. ⏳⚖️

2025-11-13 01:25