Arthur Hayes has sold about $22.28 million in crypto from Maelstrom’s directional book. Hayes, the family office’s chief investment officer, confirmed the exit on X and plans to sit out the market.
The post is a shift from his tone earlier this month. On October 15, Hayes urged traders to go long Bitcoin (BTC) and Ethereum (ETH) and trade an eventual bailout.
What Arthur Hayes Sold, and Why He Says He LeftLookonchain data shows his biggest sale was 6,400 ETH, worth $15.2 million. Hayes also sold 14 million Ethena (ENA) for $2.76 million and 323,000 Uniswap (UNI) for $2.24 million.
Smaller sales included 1.89 million Ether.fi (ETHFI) and stakes in Aerodrome Finance (AERO), Pendle (PENDLE), and Zama (ZAMA).
Hayes then confirmed the exit in a post, citing macro and geopolitical risks.
I dumped it all. The Maelstrom directional book, took profits on $ETH, $ENA, $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land. Going to sit on the sidelines and wait for the all clear signal … Brrrrr
— Arthur Hayes (@CryptoHayes) October 24, 2026 Did Hayes Sell at a Profit This Time?Hayes says he took profits on ETH and ENA. Lookonchain valued his 6,400 ETH at $15.2 million, or about $2,375 per coin, though his cost for those coins is not public.
ENA offers a clearer comparison. In early August, he bought 9.05 million ENA for about $773,000, or roughly $0.085 per token.
Lookonchain valued Saturday’s ENA sale at about $0.20 per token. Still, it is unconfirmed whether the tokens sold are the same ones bought in August.
His newest bets fared worse. In mid-October, he bought Aerodrome, Pendle, and Zama tokens, Lookonchain reported.
He paid about $889,000 for them and sold them for about $856,000, based on Lookonchain’s prices at each trade. That leaves a loss of roughly $33,000.
The Slide Goes Beyond Hayes’ TokensHis exit came during a broader market downturn. Six of the seven tokens he sold are down over the past month, according to BeInCrypto Markets.
Arthur Hayes Sold Tokens’ 1-Month Price Performance. Source: BeInCrypto MarketsThe decline also puts Hayes’ earlier price targets in perspective. His September forecasts of $10,000 for ETH, $0.50 for ENA, and $2 for ETHFI remain well above current prices.
Broader market stress intensified this month. On October 15, crypto liquidations reached $942.1 million in 24 hours, with long positions accounting for 91.6% of the total.
On October 23, another selloff sent the Nasdaq down 2.6% and Bitcoin toward $81,400. Rising oil prices added to inflation concerns, putting monetary policy back in focus.
Why the Fed Is the Next TestThe Federal Reserve’s next decision, due October 28, could shape the outlook for risk assets. The Fed raised rates to 3.75%–4% on September 16, its first hike since July 2023. CME FedWatch data puts the odds of a hold at 90%.
The longer-term outlook remains uncertain. Minutes from September’s meeting showed most officials expected another hike by year-end. Hayes, by contrast, has argued that an eventual AI bailout would flood markets with new money.
His own trading history offers another reason to watch how he handles the latest exit. In August 2025, Hayes sold ETH near $3,507 and bought back nine days later at about $4,252.
A trader who copied the move would have paid roughly 21% more to reenter. For altcoin holders, the October 28 decision could help determine whether Hayes’ latest exit proves timely or premature.
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Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom Fund, has exited his entire directional trading book.
On October 24, 2026, he confirmed the move on X, selling Ethereum (ETH), Ethena (ENA), Uniswap (UNI), and other altcoins worth roughly $22.28 million.
The exit signals a sharp defensive pivot amid rising macro and geopolitical uncertainty.
Hayes Closes the Book: What He Sold and Why In his own words on X, Arthur Hayes wrote: “I dumped it all. The Maelstrom directional book, took profits on $ETH, $ENA, $UNI and other shitcoins. I think we gotta go down to go up. It looks a bit dicey out there in macro and geopolitical land. Going to sit on the sidelines and wait for the all clear signal … Brrrrr.”
On-chain data from Lookonchain confirmed the scale of the exit. The sales included 6,400 ETH worth approximately $15.2 million.
Hayes also offloaded 14 million ENA (~$2.76M) and 323,000 UNI (~$2.24M). Smaller positions in ETHFI, AERO, PENDLE, and ZAMA were also closed.
The timing is striking. Just weeks ago, Hayes predicted Ethereum could reach $10K alongside massive ENA and ETHFI gains. That bullish stance is now paused. Hayes is not abandoning his long-term thesis, he is managing short-term risk.
The broader market context supports his caution. Multiple factors have been dragging crypto prices lower this week, including hawkish Fed signals, ETF outflows, and risk-off sentiment across tech and AI names. Geopolitical tensions have added another layer of uncertainty.
A Tactical Retreat, Not a Change of Heart This is not the first time Arthur Hayes has stepped back from altcoin exposure during uncertain periods.
He previously flagged crypto’s ‘no-trade zone’ and outlined his Bitcoin, Gold, and Hyperliquid outlook. That cautious streak is now showing up in his portfolio.
Earlier this year, a wallet linked to Hayes bought $5.4M in ETH following the US-Iran deal. That aggressive accumulation has now been reversed.
The pattern is consistent: Hayes cycles between deep alt exposure and full cash when macro conditions deteriorate.
His long-term structural view remains intact. Hayes has doubled down on Bitcoin reaching $1 million and laid out a potential timeline.
The current cash position is a tactical pause, not a permanent exit from crypto markets. For ENA specifically, Standard Chartered has separately forecast ENA reaching $2 by 2028.
The longer-term narrative around Ethena remains, even as Hayes steps aside in the near term. It is also worth noting that Hayes sold his entire Hyperliquid position earlier this year, sending HYPE down 4%.
That precedent shows that his sell announcements carry real market weight. ETH, ENA, and UNI could face near-term selling pressure as the market digests this exit.
Arthur Hayes said he is waiting for the ‘all clear signal’ before re-entering. Until then, Maelstrom sits in cash, and the market will be watching closely for his next move.
According to official announcements, Ethena’s synthetic USD stablecoin USDe has been natively deployed on X Layer, and users can now hold and trade USDe within the X Layer ecosystem. This deployment will further enrich the application scenarios of stablecoin assets in the X Layer ecosystem, lay a foundation for the composability of future DeFi scenarios, and provide more asset options for on-chain transactions, liquidity, and yield applications. It is reported that OKX Wallet will later support USDe staking, add USDe to its existing cycle earning feature, and allow users to participate in related on-chain strategies with one click.
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An address tracked by Lookonchain bought about $7.22 million worth of cryptos in twenty-four hours. Its portfolio favors Ethena, Ondo, Aerodrome, and Uniswap, while Pepe represents only a small part of the operation.
In brief
A whale bought nine cryptos for $7.22 million in 24 hours.
LIT, ENA, and ONDO represent nearly 57% of invested capital.
PEPE accounts for only 2.7% of purchases, far behind tokens linked to DeFi.
The portfolio favors decentralized finance, tokenization, and artificial intelligence.
These purchases may signal a bet on an altcoin rebound, without guaranteeing a price increase.
PEPE, Ethena, Ondo, and Lighter dominate purchases
Lookonchain spotted on October 22 a series of purchases made by the same address. It allocated its capital among nine assets linked to several sectors, including DeFi, tokenization, artificial intelligence, and memecoins.
The operation therefore does not constitute a general accumulation by several whales. It reflects the strategy of a single portfolio, whose owner and objectives remain unknown.
The published allocation allows measuring its main positions :
378,129 LIT, for about $1.4 million ;
6.61 million ENA, for $1.34 million ;
3 million ONDO, for $1.34 million ;
1.154 million AERO, for $948,000 ;
241.8 ETH, for $591,000 ;
2,944 QNT, for $589,000 ;
61,252 UNI, for $443,000 ;
1,387 TAO, for $368,000 ;
43.3 billion PEPE, for $195,000.
Lookonchain stated :
A whale bought about $7.22 million worth of tokens in the last twenty-four hours.
LIT, ENA, and ONDO concentrate nearly $4.1 million, or about 57% of the total amount. Pepe ranks last with only 2.7% of invested capital.
The source headline therefore highlights this memecoin, but the transaction mainly targets projects associated with decentralized finance and tokenized assets.
The portfolio bets on several market narratives
The purchases seem to follow a thematic diversification strategy. Ethena develops an ecosystem centered on its synthetic dollar USDe. Ondo Finance focuses on tokenizing traditional financial products. Uniswap and Aerodrome provide decentralized exchange services.
Bittensor, whose token is TAO, represents the bet on decentralized artificial intelligence. Quant and Ethereum add exposure to more established infrastructures. LIT, the main purchase, remains more volatile due to its smaller size and more limited liquidity.
The whale also seems to have taken advantage of the recent decline of several assets. During the transactions, ENA traded around $0.199 after a drop from $0.2437. ONDO was priced near $0.435, while AERO traded around $0.807.
Only LIT showed a notable daily increase, close to 7%, with a price around $3.69. The portfolio therefore does not follow a uniform strategy. It combines purchases after a correction with a position on a token already trending upwards.
This selection could indicate an anticipation of capital returning to altcoins. It might also respond to needs for market making, liquidity, or cash management. The identity of the address does not allow deciding between these hypotheses.
A whale purchase does not guarantee any rise
Large address movements attract attention because they can reduce the quantity available on the market. However, they do not constitute a reliable forecast. A whale can be wrong, hedge another position, or resell its tokens a few hours later.
Small and medium altcoins also have less market depth than bitcoin or ether. A large purchase can temporarily raise their price. Conversely, a quick sale can trigger a sharper correction.
Transfer to a private wallet also does not prove that tokens will be kept for a long period. One must examine origin addresses, potential deposits on platforms, and interactions with DeFi protocols to understand the real strategy.
Future operations from this address will therefore be more informative than this isolated purchase. Regular accumulation, followed by long-term holding, would strengthen the hypothesis of a bullish bet. Quick transfers to exchanges would rather indicate a short-term strategy.
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Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
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A whale bought approximately $7.22 million worth of tokens during the last 24 hours. The wallet spread its funds across 9 assets, mainly from DeFi and real-world asset projects, with a small portion going to a meme coin.
What the Whale BoughtThe biggest buys were 378,129 LIT ($1.4 million), 6.61 million ENA ($1.34 million), and 3 million ONDO ($1.34 million). The rest was split among AERO ($948,000), ETH ($591,000), QNT ($589,000), UNI ($443,000), TAO ($368,000), and PEPE ($195,000).
A whale bought ~$7.22M worth of tokens over the past 24 hours, including:
378,129 $LIT ($1.4M)
6.61M $ENA ($1.34M)
3M $ONDO ($1.34M)
1.154M $AERO ($948K)
241.8 $ETH ($591K)
2,944 $QNT ($589K)
61,252 $UNI ($443K)
1,387 $TAO ($368K)
43.3B $PEPE ($195K)
https://t.co/9IgfeLT9A8 https://t.co/ZeCPztInZV
HOT Stories
— Lookonchain (@lookonchain) October 22, 2026
Most of the funds went into small and mid-sized tokens rather than Bitcoin or large coins. That is a sign the buyer is looking for bigger upside than the top assets can offer.
Price Check on the Biggest BuysLIT is the only top purchase trading higher. It sits near $3.69 and is up approximately 7% on the day. The whale paid roughly $3.70 per token, so it is buying at today's price.
ENA is under pressure. It trades near $0.199, down approximately 2.5% in the last day. The longer picture is weaker. One week before October 18, it traded at $0.2437, and by October 18 it had dropped to approximately $0.178. It has bounced a bit since, but it is still well below last week's level.
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ONDO is slightly lower. It trades near $0.435, down more than 4% on the day. On October 17 it was around $0.449, so the drop since then has been small.
AERO is down the most among the large buys. It trades near $0.807, approximately 4.6% lower on the day. The whale paid close to $0.82 per token, so it is already sitting on a small loss.
ETH is the steadiest of the group. It trades around $2,428, down approximately 1%. The whale's average entry was near $2,444, so it is almost flat.
Why Would a Whale Buy Now?There are some simple reasons this could make sense. First, many of these tokens are far below their highs, so a large buyer may see them as cheap. ENA is a good example, as it fell sharply in only one week.
Second, the picks have clear narratives. ENA and ONDO connect to stablecoins and tokenized real-world assets, UNI and AERO are major trading platforms, and TAO is tied to AI.
Third, buying during red days is a common whale habit. Most of these tokens were falling while the purchases were made, which points to buying the dip rather than chasing a rally.
What to Keep in MindOne wallet buying does not mean prices will rise. Whales can be wrong, and they can sell just as fast as they buy. Smaller altcoins also move more sharply than large coins, in both directions.
Traders will likely watch whether this wallet continues adding to its positions, and whether ENA, AERO, and ONDO can stop their slide.
Ethena (ENA) rose about 14.5% in 24 hours to $0.224, leading the top 100 gainers as volume jumped 32% and Bitcoin climbed back above $84,000.
Ethena's governance token, @ethena's $ENA, led the top 100 cryptocurrencies by market capitalization with a sharp rebound, rising about 14.5% over the past 24 hours to $0.224. Starknet ($STRK) followed with a gain of about 13.7%.
Trading volume in ENA climbed 32% to $520M, and its market capitalization is back near $3B. The move came as Bitcoin ($BTC) climbed back above $84,000.
ENA recovers from weekend lowENA had slid to about $0.176 over the weekend, its weekly low, before reversing. The token is now up about 13.6% over seven days.
Other market trackers showed the recovery building through the week. Tokenpost reported that ENA gained 4.06% in one hour to $0.1948 on Binance on October 20, alongside about $170,000 in short liquidations across Binance, Bybit and OKX. At that time, ENA ranked 40th by market capitalization at roughly $2.56 billion. Separate data from TechFlow, citing CoinMarketCap, listed ENA and Starknet as the top two gainers among the top 100 tokens on October 21.
CoinDesk's market report on October 21 said ENA, the token behind the USDe synthetic dollar, was bouncing from a drop of about 22% over the month. It added that USDe supply of about $4.7 billion remains well short of the $7.5 billion level that would initiate ENA buybacks.
What ENA doesAccording to Ethena's documentation, ENA is the governance token of the Ethena protocol. Holders use it to govern protocol parameters, including the composition of USDe backing, new backing strategies and the future allocation of protocol revenue.
USDe is a synthetic dollar. As CoinMarketCap explains, it holds its $1 peg through financial engineering rather than cash reserves, using a delta-hedging strategy that pairs crypto collateral with short positions in perpetual futures.
The rebound follows a volatile stretch for the token. Even after the latest gains, ENA remains far below its all-time high of about $1.52, according to MEXC market data. Traders will be watching whether buying interest holds if Bitcoin stays above $84,000.
Sources
CoinDesk: Crypto Markets Today, October 21Ethena Docs: ENA governance tokenTechFlow: Top 100 cryptocurrencies by market cap gains and losses
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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Fixed-rate lending is the clearest growth lever for real-world assets (RWAs) in decentralized finance (DeFi). It unlocks a strategy that credit desks have run for decades but DeFi has never meaningfully implemented: buy a quality income asset, borrow against it at a locked rate below the asset’s yield and buy more of the asset. Stablecoins are steadily sitting around $300 billion in supply and aggregate vault assets are nearing the $20 billion milestone. Morpho alone carries more than $16 billion in deposits, most of it in variable-rate markets priced on pool utilization, which serve crypto-native traders who manage liquid positions in real time but leave longer-dated borrowers with uncertainty. Fixed-rate, fixed-term lending closes that gap by matching the term of the loan to the duration of the collateral, especially for RWAs whose redemptions can settle anywhere from T+7 to T+90. With the borrow cost and maturity known at entry, institutional counterparties can underwrite an RWA looping vault the same way they approve conventional term financing. This is the same bedrock foundation that formed and grew traditional credit markets to $51 trillion in US fixed income versus $1.6 trillion in floating-rate leveraged loans. The move to fixed rates is already underway: Morpho recently opened fixed-rate, fixed-term markets through Morpho Midnight, which Coinbase used to launch fixed-rate crypto-backed loans to its customers in September 2026.
DeFi is a battle-tested real-time execution engine with a narrow collateral base of volatile crypto assets that move by magnitudes in stress. This is what turned the October 10, 2025 liquidation cascade into a $19 billion event, marking the start of a nearly 60% reduction in DeFi total value locked for the eight months to follow. Expanding DeFi beyond crypto requires non-crypto-correlated RWAs, and RWAs require more precise lending markets to scale. RWAs already back the largest stablecoins, with Ethena and Sky committing more than $2.4 billion to JAAA, BUIDL, STAC, and USTB.
RWA leverage onchain runs almost entirely through variable-rate pools, where the borrow rate is set by utilization rather than by a lender agreeing to a price. Illustratively, Aave’s rate curve lifts the USDC borrow rate from 4% to 14% as utilization climbs from 92% to 100%. JAAA yields between 4.5% and 5% and Maple’s syrupUSDC pays 5.2%, while the one-year average USDC borrow rate on Aave V3 Ethereum is 4.56%, leaving just 50 basis points of spread to work with. The variance in these borrow rates scares off would-be RWA loopers or limits them to double-digit-yielding RWAs, which greatly narrows the accessible universe of investment-grade credit. Coin Metrics found routine daily utilization spikes on a $2 billion pool and the April 2026 KelpDAO rsETH exploit pinned Aave’s USDC pool at 100% utilization, causing borrowers to pay the maximum 14% rate for five days. Since tokenized credit products can take anywhere from T+1 to well beyond T+90 to settle redemptions, a spike like that can outlast the holder’s ability to exit while running an unprofitable trade.
Fixed-rate, fixed-term lending solves this because it lets the allocator match the duration of the loan to the duration of the RWA, the same way a bank extends a 70% advance at a fixed spread against investment-grade paper. Fixed-rate platforms like Tenor Finance, Kamino, Term Labs and Loopscale now quote rates against products, with a Kamino market offering 5.3% fixed-rate loans against Figure’s auto loan portfolio in rolling 30-day terms. Combined with one-click leverage providers, which compress multiple loops into a single transaction, these markets let institutional underwriters size into leveraged RWA positions at scale.
For sizing, a 5% reallocation of the $12 billion in Sky and Ethena reserve capital into fixed-rate looped RWA strategies at 3x is $600 million of equity and $1.8 billion of RWA demand, before foundations, digital asset treasury companies and exchange Earn programs contribute to growth. Well-positioned issuers of underwritten, loopable, non-crypto correlated RWAs will be the beneficiaries as DeFi’s collateral base finally grows beyond crypto.
Headlines of the weekby Francisco Rodrigues
This week’s headlines show banks further expanding blockchain payments and crypto services, while MSCI tightened index eligibility and BlackRock proposed a new way for its clients to manage bitcoin exposure.
JPMorgan brings tokenized dollar deposits to Ethereum: The bank deployed JPM Coin on Ethereum for institutional clients, expanding beyond Base and allowing customers to use tokenized bank deposits for blockchain payments and settlement.Thirty-seven-bank euro stablecoin venture secures Dutch e-money license: Qivalis, backed by banks including BNP Paribas, ING and BBVA, received authorization as an electronic money institution but must complete remaining requirements under the EU’s Markets in Crypto-Assets (MiCA) regulation before issuing its planned euro token.MSCI adopts rules that could remove Strategy and Metaplanet from equity indexes: New financial screens will exclude companies classified as non-operating, with affected constituents to be announced Nov. 11 and changes effective after the Nov. 30 close; neither company’s removal is yet confirmed.Kraken parent Payward agrees to buy Lithuania’s Saldo Bank: The acquisition would expand Payward’s European business into interest-bearing deposits, lending, card issuance and euro payments, with closing expected in 2027 subject to regulatory approvals.BlackRock files for a bitcoin ETF designed to cushion losses: The proposed iShares Bitcoin Managed Protection ETF (PBIT) would use options linked to the iShares Bitcoin Trust (IBIT) to seek downside protection in exchange for limited upside, without guaranteeing investors a fixed loss limit.Tron led crypto card volume in Q3 2026Tron was the largest chain for crypto card volume in the third quarter of 2026 with a 27.5% share (about $638 million). The weekly share has since fallen to 23.7%, as total card volume grew and Tron’s volume held steady. Tron’s TRX has been roughly flat at $0.33 to $0.34.
For more on the Tron network, view the new CoinDesk research report on Tron.
Looking for more? Receive the latest crypto news from coindesk.com and market updates from coindesk.com/institutions.
Ethena [ENA] is among the most widely used DeFi protocols, providing liquidity through its USDe stablecoin. Over the past 24 hours, the altcoin has grown by over 7%, that is, from $0.18 to $0.20.
Its daily trading volume is in excess of $405 million. However, ENA has started to face rejection, despite some analysts projecting an upside potential.
Understanding Ethena’s fundamentals Recently, Lark Davies announced he had bought a bag of Ethena tokens after conducting detailed research. The analyst cited that Ethena had generated over $1 billion in real fees and not emissions or printed tokens.
This was actual revenue, and almost none of that had gone to the people holding ENA tokens. But that was about to change, as these fees would fund a buyback mechanism.
Lark Davies argues that it could be the best bet on stablecoins and potentially better than Circle [CRCL] due to the upcoming buyback program.
Additionally, its Total Value Locked [TVL] has grown $1.32 billion since early August. Its most recent daily fees were over $4 million.
Source: DefiLlama Moreover, Janus Henderson Investors, which took a position in ENA in June, plans to use its staked USDe for cash management. This follows Ethena’s integration of Janus Henderson’s AAA CLO strategy.
These are AAA-rated floating-rate collateralized loan obligation tranches, tokenized via Centrifuge [CFG], and are eligible backing assets for USDe. This move shows traditional finance (TradFi) is catching ENA bids.
Is ENA’s correction about to end? While these are bullish signs, Ethena has been in a downtrend due to long liquidations and whale sales. However, that could come to an end soon as the price action starts to shift.
Currently, ENA is bouncing off an Optimal Trade Entry (OTE) that lies between the 0.618 and 0.786 Fibonacci Retracement levels. The altcoin has reclaimed $0.20 but needs to flip the $0.215 level into support.
This would mean the price entering the premium zone is now at a discount. The MACD has turned bullish, suggesting it’s taking into account the looming fundamental changes.
Source: ENA/USDT on TradingView Furthermore, the CVD shows that over 23.76 million ENA were bought at press time. In case the uptrend stays alive, then $0.30 becomes the next target, while failure would cause a full retracement to $0.135.
Final Summary Some analysts project a bullish trajectory for Ethena due to an upcoming buyback mechanism funded by fees. ENA was bouncing off $0.18 but needed to clear $0.215 as resistance to confirm a bullish trend shift.
Guy Young, founder of Ethena Labs, has a simple explanation for why decentralized exchanges keep eating into the business of their centralized rivals. They are more efficient at doing the job.
Speaking on Delphi Digital’s Hivemind podcast in October 2026, Young pointed to the structural advantages DEXs hold over centralized exchanges (CEXs).
What Young actually argued
Young’s case rested on three pillars: execution, custody, and economics. In his telling, DEXs can execute trades better, handle custody in newer ways, and run on a slimmer cost structure.
The custody point is the one that stands out. On a centralized exchange, users hand their assets to the platform, which then holds them on its own books. On a DEX, trades settle through smart contracts, so users generally keep control of their funds until the swap happens.
The podcast discussion also touched on why builders find DEXs appealing. Composability, permissionless innovation, and lower operating costs came up as differentiators. CEXs, by contrast, have to manage excess capacity and shoulder centralized custodial obligations.
Composability means protocols can plug into one another like LEGO bricks. A lending app can tap a DEX’s liquidity without asking anyone’s permission. Centralized platforms tend to be walled gardens by design.
The data behind the shift
In May 2025, decentralized exchanges captured a record 25% share of global spot trading volume. That worked out to more than $410 billion in trades routed through on-chain venues in a single month.
Through 2026, the ratio of DEX to CEX trading bounced around but stayed in elevated territory. In Q2 2026, the trading ratio of the top 10 DEXs to CEXs sat at roughly 23.5%.
Perpetual DEX volumes held a share of around 2% in early 2024. By 2026, that share had climbed above 10%.
What is fueling the move on-chain
Memecoins played a big role. Many of these tokens launch on-chain long before any centralized exchange lists them, which forces eager traders to go where the action is.
Wallets have also gotten easier to use, lowering the barrier to entry. There is also the broader appetite to rely less on trust-based intermediaries.
On-chain activity on networks including Solana, Base, and Robinhood Chain added fuel. Each has given traders cheap, fast places to swap tokens without touching a centralized order book.
Why Ethena has skin in this game
Young is not a neutral observer here. Ethena’s flagship product, the USDe synthetic dollar, depends on access to deep trading venues.
USDe holds its value through delta-neutral hedging. Ethena holds crypto assets and simultaneously takes offsetting short positions, so gains and losses on one side cancel out the other. To run that strategy, Ethena uses both DEX and CEX venues.
USDe supply peaked at nearly $15 billion in 2025 before falling to approximately $4.9 billion as of late September or early October 2026.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Mechanism Capital reportedly moved roughly 7 million Ethena [ENA] tokens to KuCoin, days after announcing its Series A investment in Ethena.
Source: X The transfer drew attention because the firm had publicly expressed confidence in Ethena’s long-term prospects.
In its announcement, Mechanism Capital stated,
We invest where the next paradigm begins.
The subsequent exchange deposit raised questions about the firm’s intentions as ENA’s market conditions weakened.
Exchange deposits can precede token sales, introducing concerns about potential selling pressure. However, the movement alone did not confirm that Mechanism Capital had sold the tokens.
Are ENA sellers gaining ground? Selling pressure extended beyond the reported institutional deposit, with ENA’s spot and derivatives markets showing similar conditions.
According to CryptoQuant, Ethena’s Spot Taker Cumulative Volume Delta (CVD) showed seller dominance at press time. This indicated that aggressive spot sell orders exceeded aggressive buy orders over the observed period.
Meanwhile, Futures Taker CVD also showed seller dominance, reflecting similar activity across leveraged markets.
Together, these readings supported a bearish outlook for Ethena. Buyers would need to absorb that selling pressure to reduce the risk of further weakness.
Source: Ethena Futures Taker CVD on CryptoQuant Why are ENA’s top traders still bullish? ENA’s derivatives positioning, on the other hand, presented a different story despite the persistent seller dominance.
As per Coinglass analytics, ENA’s OI-Weighted Funding Rate stood positively at 0.0032% at the time of reporting. The positive percentage suggested that the long positions continued paying short positions, implying a bullish bias.
Additionally, Binance’s top trader Long/short Ratio stood at 1.59, strengthening the preference for bullish positions.
To be specific, the long accounts accounted for 61.39% of the total positions, while short accounts represented 38.61%.
These figures therefore reflected a notable divergence between bullish positioning and aggressive selling across spot and futures markets.
Despite the long traders maintaining their numerical advantage, the seller-dominant CVD implied aggressive market orders continued favoring the downside.
Source: ENA OI-Weighted Funding Rate on CoinGlass Can ENA defend its last major support? At the time of reporting, Ethena [ENA] traded around $0.1911 amid its price correction from its September highs, which extended a sequence of lower highs and lower lows.
Notably, the daily chart highlighted a sustained price retracement following ENA’s earlier rejection around the $0.2736 price region.
Subsequently, the token tested the $0.1870 support level before a slight reversal, sitting above this important support level that previously attracted demand.
Losing this support could likely extend the price pullback toward $0.1354, the next key support on the daily chart.
However, the latest daily candle printed a modest recovery, suggesting that ENA had not surrendered the $0.1870 support as it attempted a reversal.
The RSI indicator meanwhile stood at 43.29, below its moving average of 48.07.
Ultimately ENA would need to maintain the $0.1870 support for a short-term rebound toward $0.20 to emerge, otherwise the bearish technical structure would remain intact.
Source: ENA/USDT on TradingView Final Summary Mechanism Capital’s reported 7 million ENA transfer raised concerns amid persistent spot and futures selling. ENA risks falling toward $0.1354 if sellers push the price below $0.1870 support.
According to monitoring by ai_9684xtpa, three addresses suspected to belong to the same entity or a crypto whale redeemed 18.085 million ENA tokens from Ethena and deposited them into Binance over the past hour, with a total value of roughly $3.64 million and an average deposit price of $0.2013.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to monitoring by ai_9684xtpa, three addresses suspected to belong to the same entity or a crypto whale redeemed 18.085 million ENA tokens from Ethena and deposited them into Binance in the past hour, valued at approximately $3.64 million with an average deposit price of $0.2013.
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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.
Source: CoinGlass Forced long closures can amplify selling pressure, leaving remaining leveraged positions vulnerable to further declines. Capital also flowed out of the Futures market. Ethena recorded $301 million in outflows against $263 million in inflows over the past day.
Source: CoinGlass That left Futures Netflow at -$38 million, reflecting net outflows. These flows alone could not establish whether traders predominantly closed longs or shorts.
Are Ethena’s whale sales adding pressure? Beyond derivatives, some large holders also reduced exposure.
Nazoku reported that a whale sold nearly $800,000 worth of ENA before the CPI release.
According to the report, the investor anticipated a lower-than-expected reading and realized roughly $50,000 in profit.
Separately, YZi Labs transferred 1.2 million ENA, worth $252,000, to exchanges, raising the prospect of additional selling.
Source: Arkham The cited report put YZi Labs’ cumulative sales at 135 million ENA. However, the latest exchange deposit alone did not confirm another sale.
Even so, Spot Exchange Netflows offered a possible counterweight to the selling pressure.
Source: CoinGlass Spot Netflow remained negative during the decline, reaching roughly -$2.4 million at press time, compared with -$4 million previously.
More tokens left tracked exchanges than entered them. This could reflect accumulation, although withdrawals alone did not confirm dip-buying.
Net outflows also narrowed, suggesting that the withdrawal trend offered less support than the previous day’s reading.
Can ENA reclaim $0.20? Ethena remained under downside pressure following heavy Long Liquidations and net Futures outflows.
If selling persisted, $0.16 could become the next downside level, with $0.13 representing a deeper bearish scenario. For buyers, reclaiming and holding $0.20 could weaken the immediate bearish case. Until then, Spot withdrawals offered encouragement without confirming a recovery.
Final Summary Ethena fell 12.3%, losing $0.20 support as Long Liquidations exceeded $8.2 million. ENA left exchanges during the sell-off, but withdrawals offered little certainty about who was buying.
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Ethena [ENA] shed 12.6% in 24 hours, but the move was not just another market pullback.
Daily trading volume rose 37%, while Open Interest dropped 16%, according to CoinMarketCap and Coinalyze data. This suggested that traders were taking risk off the table after ENA’s sharp two-week rally.
The selling came after Ethena climbed 118% in two weeks and reached $0.295 on the 27th of September 2026.
Source: CryptoQuant
Over the past three weeks, Ethena’s Spot Volume Bubble Map flashed overheated conditions. The high rate of change in volume gave the first warning.
Meanwhile, weaker short-term price action over the past two weeks pointed to distribution.
So, the real question was simple. Was this the start of weakness, or just the market catching its breath?
Distribution trends could be a healthy reset for Ethena
Source: ENA/USDT on TradingView
On the 1-day chart, the Ethena [ENA] price structure was firmly bullish. The $0.14 swing high made in May was flipped to support in August, and the $0.263 swing high from January 2026 has also been tested.
A daily session close above this swing high signaled a bullish continuation. Though Ethena prices have pulled back toward $0.20, the bullish price structure was intact.
The OBV has been steadily rising over the past two months, reacting to the surge in the average daily trading volume since August.
The MACD showed bearish momentum in recent days, but the indicator was still above the zero line, showing that a bullish trend was prevalent. A MACD bearish crossover would be an early hint of seller dominance.
Traders’ call to action- Stay bullish
Source: ENA/USDT on TradingView
The $0.198 low on the 4-hour timeframe propelled a move past the $0.263 resistance. Despite the retracement since then, the local support just under $0.20 has been respected.
A breach of the falling trendline resistance (orange) would be a good sign for the bulls that the buyers have some say in the market.
Source: CoinGlass
Before such a move higher, the $0.190 magnetic zone to the south is likely to act as a magnetic zone. A sweep of this area, just under the local support, and a bullish reaction from there would be another sign to the bulls that they can consider going long.
On the other hand, a sustained plunge below $0.17, especially if Bitcoin [BTC] corrects below $80k, could reflect panicked short-term market sentiment and weak buying.
Final Summary
Ethena spot volumes indicated overheated market conditions and warned of a possible pullback.
A sweep of the $0.19 magnetic zone is likely before a recovery past the descending trendline resistance, but a Bitcoin sell-off will affect ENA’s bullish prospects.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ethena, issuer of the $USDe synthetic dollar, has passed $1 billion in cumulative fees since late 2023, according to DefiLlama data.
Ethena, the issuer of the $USDe synthetic dollar, has generated more than $1 billion in cumulative fees, according to DefiLlama data highlighted by @BSCNews. The tracker puts the total at $1.061 billion since the protocol began generating fees.
The milestone came quickly. DefiLlama's quarterly income statement shows Ethena recorded just $84,309 in fees in the fourth quarter of 2023, before climbing to $24.28 million in the first quarter of 2024. That puts the $1 billion mark less than three years after fee generation began.
What drives Ethena's fees$USDe is a synthetic dollar rather than a conventional stablecoin. According to Upshift, it aims to hold $1 through a mix of liquid stablecoins and crypto such as $BTC and $ETH paired with short futures positions of the same size, so price moves cancel out. Ethena launched USDe on Ethereum on February 19, 2024, per Eco's explainer citing Ethena's docs.
DefiLlama's methodology counts staking rewards, yield distribution, mint fees and extra fees as fees. Most of that flows through to holders of staked USDe (sUSDe) rather than to the protocol. DefiLlama data shows Ethena generated about $17.93 million in fees over a recent 30-day period, of which only $20,551 was protocol revenue.
Supply has fallen from its peakThe cumulative figure sits alongside a smaller USDe supply. Upshift, citing DefiLlama, reports about $4.9 billion in circulation on September 23, 2026, down from a peak of $14.8 billion in October 2025. Fees depend on supply and on funding rates in perpetual futures markets, so they tend to track market conditions.
The supply level also matters for the $ENA token. Coincub reports that a governance-approved fee switch only starts routing revenue into $ENA buybacks once USDe supply reaches $7.5 billion.
SourcesDefiLlama: Ethena fees and income statement
Upshift: What is Ethena USDe
Coincub: Ethena (ENA) price prediction and fee switch
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Stablecoin ve finansal hizmetler: Ethena (ENA) ve ether.fi (ETHFI) Ethena, stablecoin ihracının yanı sıra dijital finans hizmetlerini genişletiyor. Proje; yüksek getirili tasarruf ürünleri, kartlar ve ödemeler gibi alanlara yöneliyor. ether.fi ise kripto tabanlı finansal hizmetler sunuyor.
Veri ve blokzincir altyapısı: Chainlink (LINK) ve LayerZero (ZRO) Chainlink, piyasa verilerini blokzincir uygulamalarına taşıyan oracle altyapısıyla öne çıkıyor. LayerZero ise farklı blokzincirlerin birbirine bağlanmasını sağlıyor. Tokenlaştırılmış varlıklar daha fazla platformda kullanıldıkça bu tür altyapılara duyulan ihtiyaç da artabilir.
Türev işlemler: Derive (DRV), Lighter (LIT) ve Variational (VAR) Derive, merkeziyetsiz opsiyon işlemlerine odaklanıyor. Citrini ayrıca sürekli vadeli işlem piyasasında faaliyet gösteren Lighter ve Variational gibi yeni platformlara da dikkat çekiyor. Bu platformlar, yatırımcıların bir varlığa sahip olmadan fiyat hareketleri üzerine işlem yapabildiği sürekli vadeli işlem pazarının büyümesinden pay alabilir.
Citrini, Hyperliquid’i (HYPE) de bu alandaki güçlü platformlardan biri olarak değerlendiriyor. Bununla birlikte rapor, Hyperliquid’e yönelik piyasa erişimini halka açık yatırım araçları üzerinden de ele alıyor. Bitwise Hyperliquid ETF’si (BHYP), raporun halka açık araçlar sepetinde yer alıyor. Bu ayrım önemli: ETF üzerinden sağlanan erişim, HYPE tokenının doğrudan kripto token sepetinde bulunmasıyla aynı şey değil.
Bu projelerin hepsi aynı fırsatı temsil etmiyor. Citrini’nin ortak tezi, tokenlaştırılmış finansal varlıklar yaygınlaştıkça bunların alım satımını, finansmanını ve risk yönetimini sağlayan protokollerin daha fazla ekonomik faaliyet çekebileceği yönünde.
Tokenizasyon Büyürse Altcoin Fiyatları da Yükselir mi? Citrini’nin raporundaki en önemli uyarı, artan işlem hacminin token sahiplerine otomatik olarak kazanç sağlamadığı yönünde.
Bir protokolün kullanıcı sayısı ve işlem hacmi artabilir. Ancak bu faaliyetlerden doğan ücretler doğrudan token sahiplerine aktarılmayabilir. Bu nedenle yatırımcıların yalnızca projenin ne kadar kullanıldığına değil, ne kadar gelir elde ettiğine ve bu gelirin nasıl dağıtıldığına da bakması gerekiyor.
Raporda likiditenin farklı blokzincirlere dağılması, güvenlik açıkları ve hukuki engeller de riskler arasında gösteriliyor. Bu sorunlar, tokenizasyonun yayılmasını yavaşlatabilir veya belirli platformların büyümesini sınırlayabilir.
Özellikle hisse fiyatını takip eden sentetik tokenlaştırılmış ürünler ayrı bir risk taşıyor. Bu ürünler, geleneksel hisselerin fiyat hareketlerine maruz kalma imkânı sunabilir; ancak yatırımcıya doğrudan mülkiyet veya oy hakkı vermeyebilir.
Citrini’nin değerlendirmesi, Bitcoin ve Ethereum’un değer kaybedeceğine dair kesin bir tahmin değil. Araştırma şirketi, Wall Street’in blokzincire geçişinden doğabilecek ekonomik faaliyetin farklı kripto projeleri için daha cazip fırsatlar yaratabileceğini savunuyor.
Yatırımcı açısından belirleyici olan, yalnızca tokenizasyonun büyümesi değil, bu büyümenin hangi protokollerde gerçek gelire dönüştüğü ve token sahiplerine ne ölçüde değer sağladığı. Bu nedenle Citrini’nin listesi kesin fiyat hedefleri olarak değil, iş modelleri ve gelir paylaşımı açısından incelenmesi gereken projeler olarak değerlendirilmeli.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
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Ethena [ENA] faced rejection at $0.26 after the broader market reversed on the 4th of October.
Since then, the altcoin has remained under strong downside pressure, falling to a low of $0.21. At the time of writing, Ethena traded around $0.219, down 6.57% over the past 24 hours.
The price drop pushed ENA below its 20-day Exponential Moving Average (EMA), indicating weaker short-term momentum.
Did Ethena’s team sell into the decline? Despite ENA’s continued decline, reported team activity raised concerns about further selling. X user Nazoku alleged that the Ethena team sold $3.45 million worth of ENA on OKX.
Source: X It also described an earlier transfer of nearly 400 million tokens from a team wallet to a proxy contract. That transfer reportedly occurred five days before the post. Nazoku said tokens later passed through an intermediary wallet before sales on OKX.
Usually, projects sell tokens for various reasons, including funding operational costs. The reason for the reported sale remained unclear.
However, team selling can add supply to the market and unsettle traders, particularly when prices are already declining. Such activity could prompt other holders to take profits or reduce exposure, adding to downside pressure.
Beyond the reported team selling, Ethena [ENA] also experienced substantial protocol outflows.
According to DeFiLlama, Inflows fell to -$104.08 million on the 8th of October, indicating net capital withdrawals. Outflows had not reached these levels since July.
Source: DeFiLlama During that earlier period, ENA struggled, trading around $0.08. The latest outflows suggested that capital was leaving the protocol, although the data did not establish where it went.
Protocol withdrawals do not directly measure ENA selling. Even so, continued withdrawals could weaken confidence in the project. That left buyers facing both weaker price momentum and concerns about capital leaving Ethena.
Can ENA buyers hold the $0.20 support? ENA’s Relative Strength Index (RSI) continued declining and stood near 50.64, just above its neutral midpoint.
Source: TradingView The reading suggested that buyers’ momentum had weakened. A sustained move below 50 could further support the bearish outlook. Likewise, ENA traded below the 20-day EMA, which stood around $0.227.
If the current pressure persisted, Ethena could test the $0.20 support. Losing that level could open the door to $0.19. However, a daily close above the 20-day EMA could weaken the bearish setup and support a recovery toward $0.25.
Final Summary Ethena faced a reported $3.45 million team sale as protocol net outflows reached roughly $104 million. ENA’s weakening RSI and loss of its 20-day EMA put $0.20 support in focus.
Papertrade opens pre-deposits, official trading expected to launch on October 10.
Synthetic perpetual protocol Papertrade, built on HyperEVM, officially announced its pre-deposit feature is now live. Users can complete deposits and account creation within the next two days. The official noted that account creation and deposits will be significantly restricted once trading launches; depositing early helps avoid opening congestion, though there are no additional benefits for depositing during the pre-deposit period. Papertrade is a fully on-chain synthetic perpetual trading platform deployed on HyperEVM. It fetches prices from the Best Bid/Offer (BBO) mid-price of Hyperliquid’s order book, allowing users to trade directly against the protocol’s liquidity providers (LPs) instead of relying on traditional order book matching. The protocol’s key features include high leverage, zero slippage, and no funding fees. Its native token PAPER has an initial supply of zero, with no pre-mining, team, or venture capital (VC) allocations. The only source of token minting is user losses or liquidations. During the initial launch phase, the token cannot be freely transferred and is primarily used for staking. Per the official timeline, full trading will begin approximately one hour after the expected HyperEVM network upgrade on October 10. The exact time will be announced via Hyperliquid’s Discord. During the opening phase, trading must be conducted through the official website frontend and whitelist relays; direct contract interactions will be opened once congestion eases. For more related reading, see: "Hyperliquid Is Getting Its Own Layer 2: Key Details You Need to Know".
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Federal Reserve Chair Walsh is scheduled to deliver a speech at the IMF Annual Meeting in Bangkok on October 16.
According to the official agenda for the International Monetary Fund (IMF) Annual Meeting in Bangkok, Federal Reserve Chair Walsh has confirmed his attendance at the event and is scheduled to deliver a public speech on October 16 local time. His trip has been formally included in the meeting’s agenda by the IMF Bangkok Annual Meeting Organizing Committee. As the head of a leading global monetary policy-making institution, Walsh’s appearance has drawn significant attention. During the conference, his speech will focus on elaborating on the current macroeconomic situation and monetary policy framework. The IMF has now released the relevant schedule in accordance with established procedures. All speaking arrangements for participating guests have been posted on the official platform, and specific details of the speeches will be subject to on-site disclosures.
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Trump: Will not attack Iran ahead of midterm elections, US and Iran are holding productive discussions.
Trump stated, "We are holding productive discussions with the Islamic Republic of Iran. I want to make this clear to everyone: Even though Iran is in a very difficult economic and military situation, and sanctions will remain fully effective, oil is flowing through the Strait of Hormuz at record volumes—22 million barrels alone last night, none of which originated from or was bound for Iran! We will not attack Iran at any time before the U.S. midterm elections on November 3. Iran will not possess nuclear weapons!"
ENA trades near $0.220 after retreating from its late-September high of approximately $0.295. Derivatives open interest has fallen 9.52% in 24 hours, indicating a reduction in outstanding leveraged exposure. A StablecoinX regulatory filing introduces a potential supply consideration, although related ENA sales have not been established. Ethena’s ENA token is under renewed selling pressure as a decline in leveraged trading activity coincides with questions about potential token supply.
At the time of writing ENA trades at $0.2202 on October 8, while broader market data showed a 7.77% decline over the preceding 24 hours. The token has surrendered part of its September rally, with a sequence of lower highs forming after its recent peak.
The correction comes as traders assess whether reduced leverage is the principal source of selling pressure or whether changes to ENA’s potential circulating supply could prolong the decline.
ENA Open Interest Contracts as Traders Reduce Exposure Derivatives data points to a substantial reduction in outstanding positions.
The market data from Coinalyze places ENA open interest at approximately $388.5 million, down 9.52% over 24 hours. Hyperliquid accounts for the largest share among the displayed exchanges, followed by Binance and Bybit.
Bar chart comparing trading volumes across major crypto exchanges, with Hyperliquid, Binance and Bybit recording the highest figures. Declining open interest alongside falling prices is consistent with traders closing positions and reducing leverage. Such conditions can emerge from long liquidations, voluntary exits or a broader reduction in speculative exposure.
Open interest alone, however, cannot identify which mechanism dominates. Confirming forced selling would require liquidation figures and additional positioning data.
Trading volume offers another perspective. ENA recorded approximately $402 million in 24-hour volume, a decline of 13.60% from the preceding period.
The combination of weaker prices, declining participation and reduced outstanding leverage suggests that traders have become more cautious following September’s advance. It does not establish that selling pressure has ended or that a sustained trend reversal is underway.
StablecoinX Filing Raises Questions About Potential ENA Supply A regulatory disclosure introduces another variable into ENA’s market outlook.
In a September filing with the U.S. Securities and Exchange Commission, StablecoinX disclosed an agreement involving Ethena entities that removed certain contractual lock-up, vesting and unlocking restrictions on ENA tokens, effective October 5, 2026.
The arrangement permits potential ENA sales to finance working capital and strategic activities, subject to applicable notice and consent requirements.
While the agreement gives StablecoinX greater flexibility over its token holdings, it provides no evidence that the company sold ENA during the latest decline. Establishing a direct connection would require transaction records or subsequent disclosures.
The distinction matters because the possibility of additional circulating supply can influence market expectations even before any sales occur. Investors will therefore be watching for changes in StablecoinX’s reported holdings or confirmed transactions that could clarify whether the contractual changes translate into actual selling pressure.
ENA Technical Analysis: Support Faces a Critical Test ENA’s daily chart shows weakening momentum after its September recovery, with successive lower highs forming beneath a descending resistance line.
The Relative Strength Index (RSI) has fallen toward 51, indicating that buying momentum has faded without pushing the token into oversold territory.
The immediate technical test is concentrated around $0.214, where the 50% Fibonacci retracement provides a potential support level. A sustained break below that area would expose ENA to a deeper correction toward $0.195.
ENA’s daily chart highlights weakening bullish momentum as the token approaches a key support zone following its September rally. Source: TradingView Coinbase-D Chart For buyers, the challenge is recovering the $0.233–$0.238 resistance zone, which combines a Fibonacci retracement level with the 20-day moving average.
A sustained move through that region, particularly if accompanied by improving trading participation, would weaken the recent pattern of lower highs. Until then, the chart favors caution despite ENA remaining above its medium-term moving average.
ENA Technical Levels to Watch
Daily chart | October 8, 2026 | Reference price: $0.2202
Indicator Price Market Role 20-day SMA $0.2377 Trend resistance 38.2% Fibonacci $0.2329 Recovery hurdle 50% Fibonacci $0.2139 Immediate support 61.8% Fibonacci $0.1948 Next support 50-day SMA $0.1869 Medium-term support Source: TradingView, ENA/USD daily chart.
SMA = Simple Moving Average.
Fibonacci levels calculated from the $0.1331–$0.2947 price range.
Technical levels are references, not guaranteed targets.
ENA Declines Despite Positive Ecosystem Developments ENA’s retreat has occurred alongside continued activity within the Ethena ecosystem, rather than an identifiable negative announcement about the protocol’s operations.
On October 6, Ethena announced that ether.fi would use its Whitelabel infrastructure to launch a stablecoin. The development points to continued demand for Ethena’s issuance services, but it does not establish additional buying demand for ENA.
EtherFi is launching their own stablecoin, powered by Ethena Whitelabel.
@ether_fi has >$300m of stablecoin deposits held across their platform. Reserves, mint and redeem, & compliance for @ether_fi USD will be managed end to end by Ethena.
Since launching their category-defining Cash card in 2024, they have scaled to nearly $1 billion in cumulative spend and more than 100,000 active cards.
The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite.
— Ethena (@ethena) October 6, 2026
That distinction limits the announcement’s relevance to the current price correction. The token’s immediate weakness is more directly reflected in declining derivatives exposure and the potential supply implications of StablecoinX’s regulatory disclosure.
There is insufficient evidence to determine how much either factor contributed to the latest decline.
ENA Outlook: Three Signals That Could Shape the Next Move ENA’s near-term direction will depend on whether selling pressure eases and whether potential supply risks develop into actual market activity. Three indicators could help distinguish a temporary correction from a more sustained decline:
Derivatives stabilization: A recovery in open interest alongside stronger spot demand would suggest renewed market participation. Rising prices without comparable spot activity could indicate a less durable rebound driven by short covering. Confirmed token sales: Subsequent StablecoinX disclosures or verifiable transactions could clarify whether the revised ENA restrictions result in additional selling pressure. The agreement alone does not establish that tokens have been sold. Support and resistance confirmation: Holding the $0.214 support area would help preserve the current recovery structure, while a sustained move above $0.233–$0.238 would strengthen the case for a bullish reversal. The central uncertainty is whether ENA’s weakness primarily reflects traders reducing exposure or a broader reassessment of potential token supply. Until clearer evidence emerges, the technical recovery remains vulnerable to renewed selling pressure.
Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.
Ether.fi is launching its own US dollar stablecoin, ether.fi USD, on Ethena's white-label stablecoin service, the two companies announced on Tuesday. Ethena will manage reserves, minting, redemptions and compliance end to end, while ether.fi owns the brand and the distribution.
The token gives ether.fi a way to earn on money already sitting in its products. The protocol, which built its business on liquid restaking, holds more than $300 million in stablecoin deposits across its platform, and its Cash card has processed around $1 billion in cumulative spend across more than 100,000 active cards since launching in 2024, according to ether.fi. Ethena framed the pitch plainly: "The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite."
Neither company has said when ether.fi USD will go live, which chains it will run on, how revenue will be split, or what will back it. The backing is the detail that matters most. Ethena's white-label product lets issuers back their token with USDe, Ethena's synthetic dollar, which holds spot crypto against short perpetual futures positions and earns from staking and funding rates. Issuers can also use USDtb, a token issued by Anchorage Digital Bank and backed by traditional reserve assets in a structure Ethena describes as GENIUS Act-compliant, or other stablecoins. A card balance backed by USDe would carry funding-rate and derivatives-venue exposure that a Treasury-backed token would not, and ether.fi users have no way yet of knowing which they will hold.
Ether.fi joins Jupiter, MegaETH and Sui on Ethena's white-label platform, which issues JupUSD, USDm and suiUSDe respectively. For Ethena, the white-label business is a way to grow distribution at a time when its flagship product has contracted. USDe has a market capitalisation of about $4.96 billion, according to CoinGecko, roughly a third of the nearly $15 billion it reached in October 2025.
Ether.fi is following a pattern set by payments apps, exchanges and DeFi protocols that have moved to issue their own dollars so they can retain reserve income they would otherwise pass to Tether or Circle. The points to watch are the backing disclosure and whether ether.fi moves existing Cash card balances into its own token by default once it launches.
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Two products can pay the same yield and still carry very different risks. That was the core argument Ethena Labs founder and CEO Guy Young brought to TOKEN2049 in Singapore.
Young said yield is not commoditized, because trust in how each operator manages risk varies widely.
What Young argued, and why Ethena is the one arguing it TOKEN2049 Singapore ran October 7-8, 2026. Young used his panel appearance to push back on a popular idea: that yield in crypto is a race to the bottom, where users simply chase the highest number.
Ethena’s flagship products make this argument personal. The protocol issues USDe, a synthetic dollar, and sUSDe, a version of it that earns yield.
The mechanics run on what’s called a delta-neutral strategy. Ethena holds staked crypto assets and simultaneously opens short positions in perpetual futures, a type of derivative contract with no expiry date.
Stripped down: if the underlying asset’s price rises, the staked holdings gain and the short loses, and vice versa. The two sides roughly cancel out, leaving the position stable in dollar terms while collecting staking rewards and funding payments.
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The risks Ethena has to manage The biggest one is counterparty exposure. Because those short positions live on centralized exchanges, Ethena depends on those venues staying solvent and operational.
Historically, approximately 48-50% of Ethena’s exchange counterparty exposure has been concentrated on Binance.
Ethena also maintains an insurance fund that backs its operations. The fund is meant to absorb shocks, such as stretches when funding rates on perpetual futures turn negative and the short side starts costing money instead of earning it.
On the operational side, the company has completed a SOC 2 Type II audit, an independent review of whether a company’s internal controls actually work over time, not just on paper.
A bumpy road to this argument USDe supply peaked near $15B before contracting sharply following stress events in late 2025.
Regulators have also weighed in. In 2025, Germany’s financial watchdog BaFin issued a wind-down order for Ethena’s German entity.
Since then, the company has been busy reshaping its business. It secured a $1B credit facility with FalconX in 2026.
Ethena has also expanded into tokenized US equities through Binance bStocks, and moved into equity perpetuals with Binance as of September 2026. It has integrated onto the TRON blockchain as well.
Meanwhile, token incentives tied to USDe growth were set to end by late September 2026.
What this means for the yield market The institutional angle is where this gets real. Larger allocators typically care less about squeezing out an extra point of yield and more about whether the operator can document its controls. A completed SOC 2 Type II audit and a $1B credit facility are the kinds of credentials that speak to that audience.
Still, Ethena’s own profile shows the limits of the argument. Concentration of roughly half its exchange exposure on Binance is the sort of risk that a trust-focused investor would scrutinize closely, especially as the company deepens its partnership with that same exchange through equity products.
Things to watch from here: whether USDe supply recovers now that growth incentives have wound down, whether Ethena diversifies its exchange counterparty exposure, and how the equity products perform under real market stress.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
The liquid staking protocol will launch a branded stablecoin built on Ethena’s Whitelabel infrastructure, joining a growing list of crypto projects that would rather mint their own digital dollars than rent someone else’s.
How the Ethena whitelabel arrangement works Ethena’s Whitelabel Stablecoin-as-a-Service platform lets a protocol issue and manage a dollar-denominated token under its own name. Ethena handles the heavy machinery behind the scenes.
That machinery covers issuance, backing management, custody, reserves and liquidity integrations. Ether.fi gets the brand and the user relationship, while Ethena runs the plumbing that keeps the token pegged and redeemable.
The arrangement also lets Ether.fi share in the revenue the stablecoin generates.
Ether.fi has not yet confirmed the stablecoin’s name, launch timeline or backing mix. The economic features, including how revenue will be split, have also not been disclosed.
A platform with a track record, sort of Ethena’s Whitelabel platform gained public traction around September 2025. It has already been used to deploy branded stablecoins for other projects.
Jupiter launched jupUSD on Solana through the service. MegaETH rolled out USDm the same way.
Ethena offers two main backing options. The first is USDe, its synthetic dollar, which currently has a supply of approximately $4.9 billion.
That figure is well off USDe’s high-water mark. Supply peaked at around $14.8 billion in 2025.
The second option is USDtb, a stablecoin Ethena describes as GENIUS-compliant. USDtb is backed by traditional assets such as US dollars and draws on strategic partnerships, including ties with BlackRock for liquidity.
Not the first Ether.fi and Ethena collaboration The two protocols have worked together before. In September 2024, they announced a partnership that let users deposit USDe on Ether.fi in exchange for liquid restaking tokens.
That earlier deal was about plugging Ethena’s dollar into Ether.fi’s staking products. This new one goes further by putting Ethena’s infrastructure underneath a dollar that carries Ether.fi’s name.
The move fits a broader shift at Ether.fi. The protocol built its reputation in liquid staking, but it has been expanding into neobank-style products.
What this means for Ether.fi, Ethena and the stablecoin market For Ether.fi, a branded stablecoin is about keeping value inside its own ecosystem. A tailored dollar asset could tie together staking, DeFi activity and its consumer-facing financial services under one roof.
For Ethena, every new whitelabel client expands the reach of its backing assets. If Ether.fi’s stablecoin leans on USDe or USDtb, it creates fresh demand for Ethena’s core products at a time when USDe supply sits far below its 2025 peak.
Synthetic dollars like USDe have their own mechanics and stress points, which differ from those of fully fiat-backed tokens. How Ether.fi chooses to weight USDe versus USDtb will shape the risk profile its users actually take on.
As jupUSD, USDm and now an Ether.fi dollar enter the market, liquidity could end up spread across many similar tokens rather than pooled in a few deep ones.
The key details to watch are the token’s name, its backing composition, its launch date and how revenue gets divided between the two protocols.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Cloud computing firm Lambda is raising up to $4 billion at a pre-money valuation of $14.5 billion.
According to a report by The Wall Street Journal, people familiar with the matter said that Lambda, a cloud computing company backed by NVIDIA (NVDA.O), is raising up to $4 billion at a pre-money valuation of $14.5 billion.
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Meme coin ZCAT rose over 76% in 24 hours, with its market cap surpassing $68 million.
According to GMGN market data, Solana ecosystem meme coin ZCAT has surged 76.33% over the past 24 hours, with its current market cap standing at $68.17 million. ZCAT is a cat-themed meme token on Solana, inspired by Zcash (ZEC) privacy concepts and featuring an anonymous cat mascot wearing a brown paper bag over its head. It uses a roughly 3% transaction and transfer tax to purchase and airdrop bridged Zcash (ZEC) on the Solana blockchain to holders. BlockBeats reminds users that most meme coins lack real use cases, exhibit high price volatility, and caution is required for investments.
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A Qatari official says negotiations between the United States and Iran are underway.
According to a report by NewsNation, Qatari officials said that negotiations between the United States and Iran are underway, with Washington and Tehran exchanging information through Qatar as a mediator.
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EIA raises price forecasts for WTI and Brent crudes for this year and next
EIA’s Short-Term Energy Outlook report projects WTI crude oil prices will reach $88.21 per barrel in 2026, up from its prior forecast of $84.65 per barrel. For 2027, WTI prices are expected to hit $79.74 per barrel, revised from the earlier projection of $69.74. The report also forecasts Brent crude prices will stand at $96.32 per barrel in 2026, compared to the previous estimate of $91.01 per barrel, and $83.74 per barrel in 2027, up from the prior forecast of $73.74 per barrel.
4 hours ago
U.S. SEC to host national online compliance exchange seminar for investment companies and investment advisors
According to official announcements, the U.S. Securities and Exchange Commission (SEC) Compliance Outreach Program today announced it will host an online national seminar for investment firms and investment advisors on November 19, 2026. The event aims to help chief compliance officers and senior management of investment advisory firms and companies improve their compliance frameworks to better protect investors. The seminar will cover topics including information security and operational resilience, registered investment advisor-related issues, private fund advisor-related issues, registered investment company-related issues, compliance framework effectiveness, and briefings on current hot topics. Pre-registration is not required for attendees. The live stream link will be published on the SEC’s official website on the morning of November 19, and participants may also submit questions to panels in advance or during the event via links in the meeting agenda.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Liquid staking protocol and decentralized neobank @ether_fi has officially unveiled its native dollar-pegged currency, ether.fi USD, built on whitelabel infrastructure provided by synthetic dollar protocol @ethena_labs. The announcement marks a significant step in EtherFi's evolution from a restaking platform into a full-stack financial product.
How the Whitelabel Arrangement Works Under the deal, Ethena handles the entire backend, covering issuance, reserve management, delta-neutral hedging, custody, and compliance. EtherFi retains its own brand and user relationship while Ethena runs the infrastructure that keeps the token pegged and redeemable. This is the same model Ethena has deployed for other protocols: Jupiter launched JupUSD on Solana through the service, and MegaETH rolled out USDm the same way.
Ethena's whitelabel platform, described as a stablecoin-as-a-service offering, allows any blockchain, protocol, or application to issue fully customized, yield-bearing stablecoins while leveraging Ethena's audited delta-neutral hedging engine and liquidity pools. The delta-neutral strategy works by holding crypto collateral, such as staked ETH, while shorting equivalent perpetual futures positions to hedge price exposure and maintain the dollar peg.
What It Means for EtherFi EtherFi currently has over $300 million in stablecoin assets operating within its ecosystem. By launching a native stablecoin, that existing liquidity is converted directly into protocol-native capital rather than sitting in third-party instruments. This removes a structural inefficiency that has long benefited external stablecoin issuers at the expense of the platforms attracting the deposits in the first place.
Critically, the move also gives EtherFi the ability to capture float interest yield on its user deposits. Previously, that yield flowed to whichever stablecoin issuer held the underlying reserves. With ether.fi USD, EtherFi reclaims that revenue stream. Combined with the broader neobank direction the protocol has been pursuing, the stablecoin positions EtherFi to build a more vertically integrated financial product on top of its restaking base.
The launch adds EtherFi to a growing roster of DeFi protocols choosing to mint their own digital dollars rather than rely on external issuers, a trend that underscores how stablecoin infrastructure is increasingly becoming a competitive battleground across the industry.
Sources:
Crypto Briefing: Ether.fi will launch its own stablecoin on Ethena's whitelabel infrastructure
Stablecoin Insider: Ethena Labs Launches Whitelabel Stablecoin-as-a-Service Platform
ChainCatcher: ether.fi launched the US dollar stablecoin ether.fi USD, supported by Ethena
Ethena will handle reserves, minting, redemptions and compliance for ether.fi USD, a token aimed at the more than $300 million in stablecoins already on ether.fi.
Ether.fi launches its own stablecoin, with Ethena managing reserves
Posted October 6, 2026 at 9:14 am ET.
Ether.fi, which started as an Ethereum liquid staking protocol and now also runs a crypto card business, is launching its own U.S. dollar stablecoin. The token, ether.fi USD, is built on Ethena Whitelabel, the stablecoin-as-a-service platform run by the issuer of USDe. Ether.fi introduced the token on X on Tuesday, seconds after Ethena announced the deal.
Under the arrangement, Ethena will run the token’s reserves, minting and redemptions, and compliance “end to end,” according to Ethena. Neither company said when the token goes live, which blockchains it will run on or which assets will back it.
The target is money that already sits on ether.fi. Ethena said the platform holds more than $300 million in stablecoin deposits, and ether.fi said in its post that the new token “makes all of it native to every product we ship.”
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Built Around the Cash Card Ethena tied the launch to ether.fi’s Cash card, which it said went live in 2024. The card has processed nearly $1 billion in cumulative spend and has more than 100,000 active cards, Ethena said.
“The best stablecoin neobanks will move to own the entire stack and earn from idle deposit balances alongside their broader product suite,” Ethena wrote in its announcement.
Issuers on the platform can back their tokens with USDe, Ethena’s synthetic dollar, with USDtb, which Ethena describes as issued by Anchorage Digital Bank “in a GENIUS compliant manner,” or with other stablecoins, according to Ethena’s Whitelabel website.
Ethena’s Growing List of Branded Dollars Ether.fi is the latest crypto project to issue a branded dollar through Ethena. Solana trading platform Jupiter teamed up with Ethena on JupUSD in October 2025. The following month, Ethena said MegaETH‘s USDm, powered by Ethena Whitelabel and USDtb, would go live alongside a pre-deposit bridge capped at $250 million. Ethena’s Whitelabel site also lists Sui’s suiUSDe.
Ethena listed Whitelabel stablecoins as one of its core business lines, alongside USDe savings.
Related Listen: Guy Young on Why Ethena Launched a Neobank on Top of Its Stablecoin
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Ether.fi is launching its own US dollar stablecoin through Ethena’s Whitelabel platform, extending the Ethereum staking protocol’s push into payments and crypto banking products.
Introducing ether․fi USD
ether․fi’s very own US dollar-denominated stablecoin powered by @Ethena
$300M+ in stablecoins already live on ether․fi, and USD makes all of it native to every product we ship pic.twitter.com/8kuq9JcUtf
— ether.fi (@ether_fi) October 6, 2026
The token, called ether.fi USD, will use Ethena’s stablecoin infrastructure, with Ethena handling reserves, minting, redemptions and compliance end to end.
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Neither company disclosed when ether.fi USD will launch, which blockchains it will support or which assets will back the token.
The stablecoin is aimed at funds already held across ether.fi’s products. Ethena said the platform currently holds more than $300 million in stablecoin deposits, while ether.fi said the new token would make those balances native across its product suite.
The launch is also closely tied to ether.fi Cash, the company’s crypto payment card. Ethena said the product has processed nearly $1 billion in cumulative spending and has more than 100,000 active cards.
Ethena’s Whitelabel service allows companies to issue branded stablecoins while outsourcing much of the underlying infrastructure. Tokens built through the platform can be backed by assets including USDe, USDtb or other stablecoins, according to Ethena.
Ether.fi joins a growing list of crypto projects using the infrastructure to launch their own branded dollars. Jupiter partnered with Ethena on JupUSD, while MegaETH introduced USDm using the same platform. Ethena also lists Sui’s suiUSDe among its Whitelabel products.
Ethena has positioned Whitelabel stablecoins as one of its core business lines alongside USDe and its related savings products.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Binance updates its October reserve proof: BTC reserve ratio reaches 100.35%, USDT reserve ratio hits 103.88%
According to official website data, Binance has updated its October Proof of Reserves, with reserve ratios standing at 100.35% for BTC, 103.88% for USDT, 100.00% for ETH, and 100.47% for BNB. Compared to its September reserve report, the number of BTC held by Binance exchange users increased by 6,217.116 units from September, equivalent to approximately $536.7 million. Meanwhile, the number of ETH held by users decreased by 183,602.205 units over the same period, worth around $498.6 million.
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NMR surges nearly 50% in a short period, currently trading at $17.6.
According to HTX market data, NMR has surged past $17, currently trading at $17.6 with a 47.87% increase in the last five minutes.
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A crypto whale transferred 5,513 ETH to Kraken, worth approximately $14.97 million.
According to YuEjin Monitoring, a crypto whale redeemed 3,659 ETH (worth roughly $9.93 million) that had been staked on Ethereum for one year, then transferred 5,513 ETH (valued at approximately $14.97 million) to Kraken 10 minutes ago.
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Upbit Launches Numeraire (NMR) Spot Trading
According to an official announcement, Upbit has launched spot trading for Numeraire (NMR), supporting KRW and USDT trading pairs.
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Shell CEO: Middle East oil flows have recovered to over 80% of pre-war levels.
Shell CEO Wael Sawan said oil flows in the Middle East have now recovered to around 80% of pre-conflict levels, one of the most authoritative assessments of the region's energy export recovery to date. Sawan spoke at the Energy Intelligence Forum in London on Tuesday, noting: "Despite all that has happened, we have now recovered to over 80% of pre-war levels, which demonstrates that many countries in the region still boast strong resilience and can continue to fulfill their commitment to supplying energy to the global market." While several major banks and shipping data analytics firms also hold that Middle East oil flows are approaching pre-conflict levels, the market remains divided on the exact scale of the recovery. Accurately counting the number of vessels actually transiting the Strait of Hormuz and parts of the Red Sea is challenging, as many ships frequently disable their satellite positioning signals, making it harder for external parties to calculate the precise volume of cargo transported.
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Crypto-related stocks in pre-market US trading rose broadly, with HSDT gaining nearly 2%.
According to market data from BIT (bit.com), U.S. pre-market trading saw a broad rise in crypto-related stocks, with gains as follows: CRCL up 1.19%, MSTR up 1.05%, HOOD up 0.91%, BMNR up 0.85%, COIN up 1.11%, and HSDT up 1.89%.
Xie Jiayin: Bitget's reserve ratio for 19 major assets reaches 131%, user protection fund grows to $316 million
Bitget's latest proof of reserves shows its reserve ratio for 19 major assets has reached 131%. In addition, Bitget's user protection fund (self-owned funds) has been topped up to 3,705 BTC, currently worth about $316 million. Meanwhile, Bitget announced the launch of its "Peer Program," allowing trading and asset clients to share 30% of the platform's revenue (excluding the institutional portion) for four consecutive weeks.
Data: HYPE, ENA and other tokens face large unlocks next week, with HYPE unlocking about $339 million
Hyperliquid (HYPE) will unlock about 3.75 million tokens at 8:00 AM Beijing time on October 6, representing about 1.69% of circulating supply and worth about $339 million. Ethena (ENA) will unlock about 172 million tokens at 3:00 PM Beijing time on October 5, representing about 1.88% of circulating supply and worth about $41 million. Babylon (BABY) will unlock about 136 million tokens at 8:00 AM Beijing time on October 10, representing about 4.60% of circulating supply and worth about $1.8 million. Movement (MOVE) will unlock about 165 million tokens at 8:00 PM Beijing time on October 9, representing about 3.8% of circulating supply and worth about $1.7 million.
CZ responds to New York Times report: giving away merchandise was only for promotion, not bribery
In response to New York Times reporter David Yaffe-Bellany's report implying that his giving away Binance merchandise was "bribery," CZ responded on social media that the reporter held obvious skepticism toward him and gave a misleading description. CZ clarified that giving away merchandise was meant to turn users into "walking billboards," and said that despite the report's bias, he was still grateful for the article. Related reading: New York Times: A look inside CZ's life in Abu Dhabi.
Michael Saylor hints at continuing to increase BTC holdings; Strategy's holdings worth about $72.29 billion
Michael Saylor's latest post on X, captioned "More orange than ever." and accompanied by a chart of Strategy's Bitcoin purchase records, is typically seen by the market as a signal that the company may again disclose an increase in BTC holdings. Data in the chart shows that as of October 4, Strategy held 847,666 bitcoins, with an average purchase cost of about $75,400 and a total value of about $72.29 billion.
CoinW has listed SI perpetual contracts, supporting up to 50x leverage
CoinW, a globally leading digital asset trading platform, has listed perpetual contracts for the popular meme token SI, supporting up to 50x leverage. Risk warning: Meme tokens are highly volatile, and contract trading may result in loss of principal. Please participate rationally and bear the risks yourself. CoinW has no affiliation with the listed company mentioned in the article. This service may not be available in certain jurisdictions.
Analysis: AI agents and tokenization drive the crypto bull market, institutions opening a Q4 positioning window
According to investment expert Jordy Visser's analysis in a recent interview, the cryptocurrency market has confirmed its entry into a bull trend, and as Bitcoin holds above $82,000, market FOMO sentiment is rapidly heating up. Visser pointed out that the core driver of the current market lies in the deep integration of AI and crypto technology, mainly reflected in the following three dimensions: 1. AI agent explosion: With the popularization of personal AI assistants such as Muse, AI agents are becoming active participants in the digital economy. Visser believes that when handling high-speed financial transactions, AI agents' rigid demand for instant settlement and security will significantly boost consumption demand for L1 public chains and crypto tokens, and effectively defend against the "agent swarm" risk in traditional financial settlement systems. 2. Institutional FOMO and Q4 rebalancing: The fourth quarter is a critical period for large institutions' annual performance settlement and strategic allocation. Visser observed that Wall Street institutions' attitude toward cryptocurrency has shifted from early wait-and-see to actively seeking positioning, especially in tokenization and stablecoin payments. He emphasized that institutions are trying to obtain crypto licenses and technology through "M&A rather than self-building" to prepare for the coming supercycle of asset tokenization. 3. Shift in macro narrative: Visser refuted traditional macro analysts' excessive concerns about high interest rates and economic recession. He believes that the productivity gains brought by AI have fundamentally changed the economic structure, with the tech sector's share of the S&P 500 index climbing to 56% and being insensitive to interest rates. He suggested that investors should move beyond the traditional "doomsday" mindset and focus on crypto ecosystems with actual cash flow and technological growth potential. Visser finally revealed that his "Visser Labs 46-asset crypto index" has risen 50% this year, significantly outperforming Bitcoin. He predicted that as tokenization accelerates, the wealth management industry will face enormous transformation pressure over the next year, and investors should position early to capture the dividends of this technological convergence.
Greenfield files complaint with Swiss regulator over Safe ecosystem foundation governance issues
According to Jascha Samadi, partner at European institutional-grade digital asset investment firm Greenfield Capital, the company has formally submitted a regulatory complaint against the Safe ecosystem foundation to the Swiss Federal Foundation Supervisory Authority (ESA). As a long-term holder since 2022, Greenfield Capital pointed out that Safe's market share in the self-custody infrastructure sector is significantly declining: since early 2024, the value of assets held in Safe accounts has fallen from about $66 billion to about $30 billion, while over the same period DeFi TVL grew about 40% and stablecoin supply grew 135%, yet Safe's stablecoin holdings grew only 11%. Greenfield Capital believes the root cause of the above problems lies in the foundation's governance failure. Since late 2025, the company has repeatedly recommended that the foundation replace experienced independent board members, bring in managers with infrastructure scaling experience, and establish a quantifiable KPI review mechanism, but none of these have been substantively adopted. This complaint aims to promote governance reform through regulatory intervention, rather than targeting individuals or vying for control. Greenfield emphasized that the move is intended to safeguard token holders' interests, enhance transparency and accountability, and ensure quality infrastructure is properly managed.
Nikkei 225 opens up 756.45 points, up 1.11%
The Nikkei 225 index opened up 756.45 points on Monday, up 1.11%, at 69,065.91 points, led by electronics and machinery stocks. The South Korean stock market is closed today.
A Hyperliquid whale's ETH short position has unrealized losses exceeding $30 million
According to Hyperliquid on-chain data, as of 08:19 on October 5, address 0xb83d…6e36 held a short position of about 78,000 ETH (worth about $213 million), with an average entry price of $2,340, current unrealized losses of about $30.29 million, and a liquidation price of about $4,291.
Data: Hyperliquid whales' BTC and ETH short positions both exceed long positions by more than 1.5x
According to Hyperliquid on-chain data, as of 08:19 on October 5, among the roughly 200 active addresses monitored by PANews' on-chain radar with values exceeding $3 million, BTC long positions were about $518 million and short positions about $830 million, a long/short ratio of 0.62; ETH long positions were about $687 million and short positions about $1.05 billion, a long/short ratio of 0.65.
Bank of Japan Deputy Governor Shinichi Uchida: AI is both a huge positive demand shock and may reshape core parameters of monetary policy
Bank of Japan Deputy Governor Shinichi Uchida said that artificial intelligence has become a key topic of discussion at monetary policy meetings of central banks, including the Bank of Japan. He pointed out that the adoption of AI has both positive and negative effects on productivity and the labor market: on the demand side, AI is a huge positive demand shock, exerting upward pressure on the economy and prices; on the supply side, AI may have positive effects by improving productivity and promoting capital stock accumulation. Initially, AI's impact on the demand side appears to manifest first, making financial conditions more accommodative overall, but if corporate profits fail to keep up, there is still a risk of correction (pullback). He also emphasized that AI will affect several core parameters of monetary policy formulation, including the output gap, financial conditions, and the "star variables" representing the economy's long-term equilibrium "natural rates."
Musk: Spreading superintelligence to the stars is a necessary condition for the great success of the biological bootloader
Musk posted on X that if humans are viewed as the "biological bootloader" for digital superintelligence, then spreading superintelligence to the stars can be seen as a necessary condition for the great success of the biological bootloader. The post he quoted revisited his 2014 view: he hoped humans would not be merely the "biological bootloader" for digital superintelligence, but believed this possibility is steadily increasing.
US 2025 tax year extended filing deadline is October 15; crypto traders need to verify filing information
The extended filing deadline for individual federal income tax returns for the US 2025 tax year is October 15. The Internal Revenue Service (IRS) stipulates that this deadline applies to taxpayers who have previously filed for an extension, and is not a new deadline specific to crypto assets; the extension only extends the filing time, not the payment time. For digital asset transactions in 2025, the Form 1099-DA provided by brokers may not include the cost basis, and taxpayers still need to calculate the relevant gains or losses themselves and report them as required.
Nikkei 225 breaks above 70,000 points, up 2.5% intraday
The Nikkei 225 index broke above 70,000 points, up 2.5% intraday.
The crypto market will welcome tokens worth $1.11 billion in early October 2026. Major projects, including Hyperliquid (HYPE), Ethena (ENA), and Aptos (APT), will release significant new token supplies.
These unlocks could introduce market volatility and influence short-term price movements. So, here’s a breakdown of what to watch.
1. Hyperliquid (HYPE) Unlock Date: October 6 Number of Tokens to be Unlocked: 3.75 million HYPE Released Supply: 474.83 million HYPE Total Supply: 1 billion HYPE Hyperliquid is a leading decentralized perpetual futures exchange built on its own Layer-1 blockchain. It offers high-performance trading with low latency, on-chain order books, and sub-second transaction finality.
On October 6, the team will unlock 3.75 million HYPE worth $340 million. The tokens account for 1.69% of the released supply.
HYPE Crypto Token Unlock in October. Source: TokenomistThe team previously announced that the unlocked supply is going to one institutional buyer.
2. Ethena (ENA) Unlock Date: October 5 Number of Tokens to be Unlocked: 171.88 million ENA Released Supply: 9.15 billion ENA Total Supply: 15 billion ENA Ethena is a synthetic dollar protocol built on Ethereum (ETH). The protocol’s flagship product is USDe, a synthetic dollar stablecoin. Furthermore, ENA is the protocol’s governance token.
The team will release 171.88 million ENA tokens on October 5. The tokens, worth $41.52 million, account for 1.88% of the released supply.
ENA Crypto Token Unlock in October. Source: TokenomistEthena will award 93.75 million tokens to core contributors. In addition, investors will receive 78.13 million ENA.
3. Aptos (APT) Unlock Date: October 11 Number of Tokens to be Unlocked: 11.31 million APT Released Supply: 1.76 billion APT Total supply: 2.55 billion APT (Y2035) Aptos is a Layer-1 blockchain platform designed for scalability, security, and efficiency in decentralized applications (dApps) and Web3 ecosystems. It utilizes the Move programming language to enable high-throughput transactions and smart contract execution.
Aptos will release 11.31 million tokens on October 11. The tokens are worth $9.06 million. It represents 0.64% of the released supply.
APT Crypto Token Unlock in October. Source: TokenomistThe team will award 3.96 million APT to core contributors. The community and investors will get 3.21 million and 2.81 million tokens, respectively. Additionally, Aptos will allocate 1.33 million tokens to the foundation.
In addition to these three, Aerodrome Finance (AERO), Movement (MOVE), and Babylon (BABY) will also see a new supply entering the market this week.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bitcoin traded near $84,600 on Oct. 3 as Quant and Midnight led the week’s top crypto gainers, rising 158.3% and 96.5%, respectively. Lighter fell 28.7%, while MemeCore, Ethena and Zcash posted double-digit losses.
Summary
Quant led weekly gains following its selection for The Clearing House’s U.S. tokenized deposit network. Midnight nearly doubled as its network opened smart contract deployment to more developers. Lighter led losses after Robinhood outlined a U.S. derivatives rollout involving Bitstamp. Original X posts show bullish views on Quant and Midnight, with valuation concerns around Zcash. CoinGecko’s seven-day top-100 rankings for Oct. 3 placed Bitway and Pump.fun behind Quant and Midnight among the leading gainers. Its separate Bitcoin data showed BTC up about 0.6% over seven days, against a 0.3% decline across the broader crypto market.
AssetPriceSeven-day changeQuant (QNT)$261.42+158.3%Midnight (NIGHT)$0.04988+96.5%Bitway (BTW)$1.44+66.7%Pump.fun (PUMP)$0.005462+19.5%Lighter (LIT)$3.49−28.7%MemeCore (M)$1.03−16.7%Ethena (ENA)$0.232−14.7%Zcash (ZEC)$1,313.37−14.4%Prices and weekly changes: CoinGecko, Oct. 3. Quant leads crypto gainers after U.S. payments deal Quant’s rally followed The Clearing House’s Sep. 24 announcement that it had selected the company to power its On-Chain Money Initiative, a network for clearing and settling tokenized commercial-bank deposits.
The payments operator said the network would connect with existing U.S. infrastructure, including RTP and CHIPS. Availability for participating financial institutions is expected in the first half of 2027.
Gold analyst Jan Nieuwenhuijs posted on X on Sep. 26 that buying one QNT carried the risk of losing $120 against the potential to earn $10,000.
His post did not set a date for that outcome. The comment came before the Oct. 3 price of $261.42 and represents a speculative upside view rather than a forecast for the next few days.
The Clearing House announcement concerns infrastructure for bank deposits. Its planned first-half 2027 launch is the next dated milestone in the payments operator’s release.
Midnight nearly doubles as mainnet access expands Midnight rose 96.5% to $0.04988, with approximately $124.9 million in displayed trading volume.
The network’s latest development update confirmed that permissionless smart contract deployment was live on mainnet. Developers can deploy directly without a mandatory security review on the Preprod testing network, while applications can deploy contracts for users.
Midnight also reported wallet improvements, including Gero Wallet’s support for shielded balances and sponsored transaction fees.
Crypto commentator David Gokhshtein said on X on Sep. 29 that he believed NIGHT could follow Zcash’s rally. He based that view on the different uses of privacy: private payments for Zcash and private smart contracts and applications for Midnight.
“I keep saying I believe $NIGHT is going to pull a $ZEC,” he wrote.
Gokhshtein’s post did not specify a price target or a deadline. Midnight’s development update said later roadmap milestones would expand protocol capabilities and increase decentralization.
Bitway nears its peak as Pump.fun buybacks continue Bitway gained 66.7% to $1.44 during the final week of its Binance Wallet Booster Season 5 campaign, which ran through Oct. 2. The campaign offered incentives to eligible participants staking through Binance Wallet.
Bitrue listed an Oct. 2 release of 101.62 million BTW, equivalent to about 1.02% of total supply. The scheduled release and the campaign’s expiry both fell at the end of the reporting week.
CoinGecko’s table placed Bitway at rank 33, with approximately $17.9 million in displayed trading volume. Its weekly gain was below Midnight’s 96.5% advance but more than three times Pump.fun’s 19.5% increase.
Pump.fun gained 19.5% to $0.005462 as the platform continued purchasing and burning PUMP. Its dashboard reports completed buybacks and the tokens permanently removed from supply.
In its Sep. 30 coverage, crypto.news tracked continued buybacks, including $1.02 million spent on Sep. 29 and $1.21 million a day earlier.
Pump.fun’s dashboard says historical discretionary purchases are not a commitment that future purchases will continue. Its buyback records identify completed token purchases and burns, while future spending depends on the program’s rules and platform decisions.
Lighter falls 28.7% as Robinhood expectations unwind Lighter traded at $3.49 after the largest weekly decline in the table.
The decline followed Robinhood’s announcement of a U.S. perpetual-futures rollout involving Bitstamp. Bitstamp announced its multi-asset perpetual-futures offering as Robinhood expanded its derivatives plans.
The U.S. rollout gives eligible customers a new route to crypto derivatives. Lighter’s $3.49 price in CoinGecko’s weekly rankings came alongside approximately $98 million in displayed trading volume.
MemeCore fell 16.7% to $1.03 during a week that included a scheduled token release. Bitrue listed an Oct. 2 unlock of 56.11 million M, equivalent to about 2.46% of circulating supply.
Bitrue’s schedule divided the release among the community, investors, foundation and team, with the community receiving the largest allocation. The scheduled tranche represented approximately $57 million at the prices used in its Oct. 1 report.
Ethena approaches an unlock as Zcash falls 14.4% Ethena dropped 14.7% to $0.232 ahead of an overhaul to its investor vesting schedule.
The Block reported that the Ethena Foundation and lead investors agreed to release all remaining original investor tokens from Oct. 5, ending monthly investor unlocks. Team tokens remain on their existing schedule.
Research provider Unlocks estimated the accelerated investor release at approximately 1.41 billion ENA. Its analysis said the foundation’s earlier purchases of locked investor tokens meant some of the release would be held by the foundation itself.
Zcash fell 14.4% to $1,313.37, with about $726.7 million in displayed trading volume in CoinGecko’s weekly rankings.
Trader Crypto with Haris posted on X on Oct. 1 that comparisons with Zcash’s launch-era price needed to account for its larger circulating supply. He estimated that ZEC at $2,000 would require a market capitalization near $34 billion, while $5,000 would require about $85 billion.
Those figures were valuation scenarios in his post, rather than dated price predictions. His argument focused on the amount of capital implied by higher ZEC prices after more tokens had entered circulation.
USDe Supply Surges and Morpho Dominance GrowsEthena (@ethena) closed September with a strong set of milestones. USDe supply grew by more than $700 million during the month, underlining the protocol's accelerating adoption across decentralised finance. The stablecoin is now the second-largest collateral asset on Morpho and the largest dollar-denominated collateral on the platform, backing two of its three primary lending markets.
September also marked USDe's debut on the TRON network. TRON DAO and Ethena Labs confirmed that USDe and sUSDe are live on TRON, one of the world's largest stablecoin settlement networks by transaction volume. The integration uses bridged access via Stargate Finance, with minting and redemption remaining on Ethereum.
Standard Chartered Coverage, EthenaPay Beta, and SOC 2 AuditOn the institutional side, Standard Chartered initiated research coverage of Ethena on September 30. The bank projects USDe supply could grow eightfold, from roughly $4.9 billion to $40 billion by the end of 2028, with its thesis built around Ethena expanding yield sources beyond the crypto basis trade to include real-world assets and equity perpetual futures. The bank also set a year-end 2028 price target of $2 for the $ENA token, roughly seven times the reference price of $0.28 cited in its note.
On the product side, EthenaPay entered beta during the month. Binance became its first venue for equity perpetuals using the basis trade strategy, adding a new yield channel to the protocol's growing toolkit. Separately, Ethena completed a SOC 2 Type II audit with zero exceptions, a compliance benchmark that signals operational maturity for institutional counterparties.
Taken together, September's developments point to a protocol pushing further into both retail payments and institutional adoption, while expanding the geographic and chain reach of its flagship stablecoin.
Sources:
Standard Chartered Sees Over 600% Upside for ENA, Expects USDe to Hit $40 Billion by 2028, The Block
Ethena Brings USDe and sUSDe to TRON, CoinTelegraph
