Why is Ethena down 12%? $8M liquidations, whale sales & more…
Image: AMBCrypto
Ethena [ENA] fell sharply as bearish pressure persisted following the September Consumer Price Index (CPI) release. The altcoin breached $0.20 support and plunged to $0.182. In doing so, Ethena erased its October and late September gains. At press time, it traded around $0.184, down 12.3% over the past day. Trading Volume rose 49% over the same period, showing increased activity during the sell-off. Why did Ethena’s long liquidations surge? As Ethena [ENA] lost $0.20, leveraged bulls took a heavy hit. CoinGlass data showed that ENA’s price volatility exceeded 15% over 24 hours. The sharp move increased liquidation risk, with over $8.2 million in long positions liquidated. Forced long closures can amplify selling pressure, leaving remaining leveraged positions vulnerable to further declines. Capital also flowed out of the Futures market.
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