ENA jumps 11.35% as outflows ease sell pressure, but resistance near $0.10 limits continuation.
The past month's liquidation heatmap showed a cluster of short liquidations in the $0.094 to $0.10 area.
USDe's market supply has decreased from over $14 billion to below $6 billion amid relatively unattractive yield.
Perpetual futures now make up just 11% of USDe backing as Ethena pivots to institutional lending, real-world assets, and basis trades.
Ethena Labs has reported the finalization of its first lending agreements with Coinbase Asset Management, Anchorage Digital, and Maple Institutional.
Ethena's ENA looks deeply undervalued on-chain, but a sharp April 2 drop and weak demand suggest more selling pressure could still lie ahead.
Ethena faces a brutal reality. Any price bounce could trigger aggressive selling from traders who've been waiting to exit their positions, even as data shows investors are quietly accumulating ENA tokens at current levels.
Despite accumulation clues, it may be overwhelmingly likely that any ENA price bounce would be aggressively sold off.