Ethena hits all-time low: Why isn’t USDe adoption helping ENA?

Earlier in January, AMBCrypto noted that Ethena [ENA] token prices failed to react positively to the news of new partnerships. On the 30th of January, crypto exchange HTX announced the listing of USDe, Ethena’s synthetic stablecoin.

The growth of USDe’s global adoption does not seem to directly affect ENA price action, which has been bearish since late September 2025. It made an all-time low on the 30th of January, when prices reached $0.1484.

AMBCrypto also noted that retail investors were selling while some whales bought ENA. The positive change in the Ethena whale balance was accompanied by whale withdrawals from central exchanges for staking.

Ethena price trends remain firmly bearish

Demand was not strong enough to overcome the token unlocks and steady selling pressure. From a price action perspective, a price bounce toward $0.25 and a sell-off were expected. This has come to pass, aided by Bitcoin [BTC] volatility.

The USDe listing on HTX was followed by an ENA price bounce to $0.157, which was almost immediately sold off on Friday. The MVRV pricing bands showed that ENA was trading well below its realized price.

In September 2024, the downtrend below the realized price was two months old before ENA got a chance to reverse in Q4 2024. The current run below the 0.8 RP band is just over two months old, too.

The percent supply in profit has been under 10% since mid-November. In June-July 2025 and September 2024, the percent supply in profit remained under 1% for weeks together, marking a local market bottom.

This showed that holders might have more weeks of bearishness and drawdown ahead. It was a highly risky time to buy ENA, though the DeFi protocol itself was doing fine.

For example, during the 10/10 crash, USDe did not deviate notably on-chain from its $1 peg target, underlining the strength of DeFi.

DeFiLlama data showed that the Total Value Locked on the Ethena protocol has declined by just over 50% since October, but has maintained its longer-term uptrend.

Final Thoughts

• The ENA token continued to show bearishness on the price charts, and the percent supply in profit was under 1% for most of the past ten days.
• Combined with the wider crypto market sentiment and the threat of BTC falling below $74k, ENA holders might have to remain underwater for months to come.