On October 30, the price fell by 7.26% to $0.18653. Previously, it was reported that attackers related to a $6.3 billion security vulnerability in Binance sold 217.5 million ENA tokens, worth $33.93 million.

Ethena ( ENA ) fell 7.26% on October 30 to $0.18653, due to increased selling pressure related to the hacker incident involving Binance.

Lookonchain reports that attackers sold 217.5 million ENA, in exchange for 33.93 million US dollars.

Santiment records show that within a four-hour period before and after the attack, ENA experienced a decline of over 16%.

USDe briefly traded at $0.9974, but during the event period, there was relatively little change in its supply volume.

ENA faces resistance around $0.20 and $0.22, with support levels at around $0.18 and $0.1658.

According to Lookonchain, hackers exchanged the stolen ENA for Ethereum at an average price of nearly $0.16, and also converted six other cryptocurrencies. The total sale resulted in 70,480 ETH, worth $158.25 million, among which UNI and PEPE were among the largest holdings.

In the past 24 hours, the trading range of ENA was from $0.166247 to $0.217081, with a trading volume of $1.38 billion. Although it has rebounded from its intraday low, the token has still fallen by 27.86% over the past month.

Binance Hackers sell for $33.93 million ENA Increased selling pressure

This attack triggered a large number of transactions involving various altcoins, and the hackers converted the stolen assets into ETH.

In addition to ENA, the attacker also sold 7.02 million UNI for $39.63 million, as well as 7.77 trillion PEPE for $31.66 million. LINK, AAVE, ONDO, and WLD also appeared in these transactions.

As reported by crypto.news earlier today, the vulnerability on October 29th involved an authorization mechanism of an Ethereum wallet, which attackers exploited to transfer funds from a Binance hot wallet.

Blockchain investigators have linked this incident to North Korean cybercriminals, however, the investigation into the entire attack is still ongoing. Binance

This sell-off occurred in tandem with the overall decline in the cryptocurrency market. During this period, Bitcoin fell by more than 3%, and the total market value of cryptocurrencies also declined by roughly the same amount.

After the sale at ENA, Lookonchain discovered another wallet depositing 2 million USDC into Hyperliquid, and established a leveraged long position covering 22.78 million ENA.

The position is worth $4.09 million, with 3 times leverage used. This indicates that someone is betting on a price increase, but this single transaction alone does not mean that the selling pressure has ended.

Santiment believes that despite the decline of ENA, USDe remains relatively stable.

Although ENA has tumbled significantly, blockchain analysis firm Santiment has found that the stablecoins of Ethena have much smaller fluctuations in their USDe.

In the analysis on October 30th, Santiment indicated that within four hours before and after the Binance vulnerability incident, ENA fell by more than 16%, while Ethereum's decline was approximately 4%.

This governance token recorded its lowest four-hour closing price since September 18th. Meanwhile, USDe briefly fell to $0.9974 on October 30th at UTC time 04:00.

Despite the transaction price being slightly lower than its target dollar value, the circulating supply of USDe has not seen a corresponding decline.

Santiment indicates that during the attack, the supply of USDe on Ethereum changed by approximately 1.5 million US dollars, whereas the usual daily variation is around 21 million US dollars.

The supply of the pledged version USDe, which is also sUSDe, has decreased by about 1.1%. Transfer activities have increased, but they are still below the highest levels recorded since May.

Ethena previously indicated that the collateral held in its positions on centralized exchanges was managed through over-the-counter custody arrangements, while the core USDe minting and redemption functions are still operating normally.

Ethena The price faces resistance around $0.20 and $0.22.

Although ENA has rebounded from the $0.1658 range, the daily chart still shows weakness.

Aroon Oscillator recorded -64.29, further indicating that recent lows are still dominating the price trend.

The immediate resistance level is around $0.20, followed by the range of $0.21 to $0.22. If it can continuously break through $0.22, it may open up space towards $0.24 to $0.25; if it loses $0.1658, it could fall to $0.15 and $0.14.

Just two days ago, analyst Ali Martinez identified a descending channel on the four-hour chart of ENA. He believes that if the closing price stays above $0.22, it could support the price to rise towards $0.24 or $0.27.

However, Martinez warns that if the resistance level cannot be broken through, ENA may fall back to around $0.18 near the midline of the channel.

Ethena The repurchase proposal is still another factor for ENA.

Apart from the current selling pressure, the price of ENA is still related to the changes in the token economics of Ethena.

In August of this year, the foundation proposed that after the supply of USDe reaches $7.5 billion, 95% of the net revenue from the Ethena brand business will be used to repurchase ENA.

At that time, the supply of USDe was less than $5 billion, so this threshold had not yet been reached.

The foundation has previously purchased the locked ENA from some early investors and proposed to modify the unlocking schedule for the remaining investors.

At the same time, StablecoinX revised the protocol in October, removing the contract lock-up clause regarding its holding of ENA, but still retained certain approval requirements from the foundation that are necessary for certain sales activities.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.