<p>Ethena 在一位主要持有者将 1686 万 ENA 存入 Coinbase Prime 后，持续承压，预计损失约 1500 万美元，成本基础约为 1853 万美元，下降幅度约为 81%。</p>
<p>此次转移引入了显著的卖方流动性，而 ENA 的价格在 0.14–0.15 美元附近交易，这是几个月前最后一次出现的水平。</p>
<p>然而，存款后价格走势并没有急剧下滑。相反，蜡烛图保持相对稳定，显示出吸收而非无序抛售的信号。</p>
<p>这种反应表明市场参与者预期到了这一举动。</p>
<p>尽管如此，已实现损失的规模反映出疲惫，而非信心。许多持有者仍然深陷亏损，这增加了在任何反弹时分发的可能性。</p>
<p>因此，Ethena [ENA] 继续在一个脆弱的平衡中交易，退出与机会性积累相遇，保持了波动性压制但风险升高。</p>
<h2><strong>Ethena 整合</strong></h2>
<p>ENA 继续遵循一个明确的下降通道，自从从 0.30 美元区域突破以来，价格一直在下降。</p>
<p>最近的价格走势显示在通道的上边界附近整合，但该结构仍然偏向卖方。</p>
<p>相对强弱指数（RSI）保持在 40 以下，强化了疲弱的动能而非反转力量。</p>
<p>重要的是，该通道允许价格向 0.1315 美元支撑区进行更深的回调，这与之前的反应低点和通道对称性相一致。这个水平代表了一个关键的结构检查点。</p>
<p>如果能够果断突破接近 0.165 美元的阻力，将打破低高点的看跌序列。</p>
<p>然而，ENA 还没有实现这一点。因此，市场仍然是反应性的。买方捍卫水平，但卖方仍然控制趋势方向，直到结构果断转变。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2114" height="1145" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png"/></p>
<p>来源：TradingView</p>
<h2><strong>ENA：吸收下行的情况</strong></h2>
<p>尽管价格持续疲软，90 天现货买入 CVD 仍然保持净正值，突显出在下跌期间买方的持续攻击性。</p>
<p>这种背离很重要。ENA 从周期中期高点下跌超过 60%，但买入者仍在吸收卖压。</p>
<p>这种行为表明是积累，而非恐慌性退出。然而，价格未能做出积极反应。</p>
<p>因此，需求似乎是防御性的，而非控制性的。买方介入以减缓下跌，但并未强迫结构变化。</p>
<p>历史上，这种背离削弱了看跌动能，但并不保证反转时机。只要 CVD 保持正值，下行加速的力量就会减弱。</p>
<p>然而，如果没有重新夺回阻力，仅靠积累无法翻转趋势。该信号支持稳定，而非确认。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2560" height="1440" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png"/></p>
<p>来源：CryptoQuant</p>
<h2><strong>融资利率转为正值</strong></h2>
<p>OI 加权融资利率最近从约 -0.01% 转变为约 +0.005%，标志着杠杆偏好的显著变化。</p>
<p>这一转变是在一次剧烈的多头清洗后发生的，期间未平仓合约收缩至 5500 万至 6000 万美元的范围。融资转为正值，表明交易者现在需要支付以持有多头，但信心仍然谨慎。</p>
<p>利率保持在较低水平，表明的是定位而非方向性押注。这种行为降低了在进一步下行时发生级联清算的风险。</p>
<p>然而，融资尚未支持突破预期。相反，它发出平衡的信号。交易者预期稳定，但避免过度杠杆。</p>
<p>因此，杠杆不再驱动波动性。任何持续的趋势变化都需要价格扩张与参与度上升，而不仅仅是融资的变化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="2212" height="514" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png"/></p>
<p>来源：CoinGlass</p>
<h2><strong>当前价格上方的空头流动性积累</strong></h2>
<p>Binance ENA 清算图显示，当前价格附近（约 0.20 美元）上方存在明显的空头清算杠杆集中，最密集的集群形成在 0.205 至 0.22 美元之间。</p>
<p>这些水平的累计空头清算敞口超过 500 万美元，主要由 25 倍和 50 倍杠杆头寸主导。</p>
<p>相比之下，价格下方的多头清算杠杆相对较薄，0.18 美元以下的集群有限，向 0.13 美元的敞口也很小。</p>
<p>这种分布表明，近期的定位更倾向于空头持续押注，而非多头杠杆的积累。</p>
<p>因此，价格向 0.205–0.22 美元区间的上行运动将会交叉显著更多的强制清算，而不是相应的下行运动。</p>
<p>因此，该图反映出一种不对称的流动性特征，而非方向性确认。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1707" height="636" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png"/></p>
<p>来源：CoinGlass</p>
<p>总之，ENA 在结构上偏向于下行延续，价格可能会在任何有意义的反弹发展之前测试 0.1315 美元支撑区。</p>
<p>买方已经吸收了卖压，但尚未重新夺回趋势的控制权。除非在该水平之前有强劲的需求介入，否则下行风险仍然存在。</p>
<p>只有当 ENA 稳住 0.1315 美元并重新夺回通道阻力，同时参与度扩大时，持续的恢复才会变得可信。</p>
<hr/>
<h2><strong>最后的思考</strong></h2>
<ul>
<li><em>ENA 的结构在任何恢复尝试之前偏向于下行测试 0.1315 美元。</em></li>
<li><em>反弹需要果断的买方介入和重新夺回通道阻力。</em></li>
</ul>

COIN

<p>Ethena (ENA) 在一位主要持有者将 1686 万 ENA 存入 Coinbase Prime 后面临压力，导致其实现了显著的损失。价格仍然在 $0.14–$0.15 附近，可能会下跌至 $0.1315。尽管有一些买盘吸收，但卖方仍然主导着趋势。市场显示出疲弱的动能，持续的恢复需要维持在 $0.1315 之上并重新夺回通道阻力</p>

<p>Ethena remains under sustained pressure after a major holder deposited 16.86 million ENA into Coinbase Prime, realizing an estimated $15 million loss, roughly 81% below an $18.53 million cost basis.</p>
<div class="lb-trans"><p>Ethena 在一位主要持有者将 1686 万 ENA 存入 Coinbase Prime 后，持续承压，预计损失约 1500 万美元，成本基础约为 1853 万美元，下降幅度约为 81%。</p>
</div><p>This transfer introduced meaningful sell-side liquidity, while ENA price traded near $0.14–$0.15, levels last seen several months ago.</p>
<div class="lb-trans"><p>此次转移引入了显著的卖方流动性，而 ENA 的价格在 0.14–0.15 美元附近交易，这是几个月前最后一次出现的水平。</p>
</div><p>However, price action did not unravel sharply following the deposit. Instead, candles remained relatively controlled, signaling absorption rather than disorderly selling.</p>
<div class="lb-trans"><p>然而，存款后价格走势并没有急剧下滑。相反，蜡烛图保持相对稳定，显示出吸收而非无序抛售的信号。</p>
</div><p>That response suggests market participants anticipated the move.</p>
<div class="lb-trans"><p>这种反应表明市场参与者预期到了这一举动。</p>
</div><p>Still, the scale of realized losses reflects exhaustion, not confidence. Many holders remain deeply underwater, which increases the likelihood of distribution on any relief rally.</p>
<div class="lb-trans"><p>尽管如此，已实现损失的规模反映出疲惫，而非信心。许多持有者仍然深陷亏损，这增加了在任何反弹时分发的可能性。</p>
</div><p>As a result, Ethena [ENA] continues to trade in a fragile equilibrium where exits meet opportunistic accumulation, keeping volatility suppressed but risk elevated.</p>
<div class="lb-trans"><p>因此，Ethena [ENA] 继续在一个脆弱的平衡中交易，退出与机会性积累相遇，保持了波动性压制但风险升高。</p>
</div><h2><strong>Ethena consolidates</strong></h2>
<div class="lb-trans"><h2><strong>Ethena 整合</strong></h2>
</div><p>ENA continues to respect a clearly defined descending channel that has guided price lower since the breakdown from the $0.30 region.</p>
<div class="lb-trans"><p>ENA 继续遵循一个明确的下降通道，自从从 0.30 美元区域突破以来，价格一直在下降。</p>
</div><p>Recent price action shows consolidation near the channel’s upper boundary, yet the structure still favors sellers.</p>
<div class="lb-trans"><p>最近的价格走势显示在通道的上边界附近整合，但该结构仍然偏向卖方。</p>
</div><p>RSI remains below 40, reinforcing weak momentum rather than reversal strength.</p>
<div class="lb-trans"><p>相对强弱指数（RSI）保持在 40 以下，强化了疲弱的动能而非反转力量。</p>
</div><p>Importantly, the channel allows room for a deeper pullback toward the $0.1315 support zone, which aligns with prior reaction lows and channel symmetry. This level represents a key structural checkpoint.</p>
<div class="lb-trans"><p>重要的是，该通道允许价格向 0.1315 美元支撑区进行更深的回调，这与之前的反应低点和通道对称性相一致。这个水平代表了一个关键的结构检查点。</p>
</div><p>A decisive reclaim above resistance near $0.165 would disrupt the bearish sequence of lower highs.</p>
<div class="lb-trans"><p>如果能够果断突破接近 0.165 美元的阻力，将打破低高点的看跌序列。</p>
</div><p>However, ENA has not achieved that yet. Therefore, the market remains reactive. Buyers defend levels, but sellers still control trend direction until structure decisively shifts.</p>
<div class="lb-trans"><p>然而，ENA 还没有实现这一点。因此，市场仍然是反应性的。买方捍卫水平，但卖方仍然控制趋势方向，直到结构果断转变。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/ENAUSDT_2025-12-23_09-35-23.png"/></p>
<p>Source: TradingView</p>
<div class="lb-trans"><p>来源：TradingView</p>
</div><h2><strong>ENA: What absorbing the downside?</strong></h2>
<div class="lb-trans"><h2><strong>ENA：吸收下行的情况</strong></h2>
</div><p>Despite ongoing price weakness, 90-day Spot Taker CVD remains net positive, highlighting sustained buyer aggression during declines.</p>
<div class="lb-trans"><p>尽管价格持续疲软，90 天现货买入 CVD 仍然保持净正值，突显出在下跌期间买方的持续攻击性。</p>
</div><p>This divergence matters. ENA has fallen more than 60% from mid-cycle highs, yet taker buyers continue absorbing sell pressure.</p>
<div class="lb-trans"><p>这种背离很重要。ENA 从周期中期高点下跌超过 60%，但买入者仍在吸收卖压。</p>
</div><p>That behavior suggests accumulation rather than panic-driven exits among spot participants. However, price has failed to respond constructively.</p>
<div class="lb-trans"><p>这种行为表明是积累，而非恐慌性退出。然而，价格未能做出积极反应。</p>
</div><p>Therefore, demand appears defensive rather than controlling. Buyers step in to slow declines, but they do not force structural change.</p>
<div class="lb-trans"><p>因此，需求似乎是防御性的，而非控制性的。买方介入以减缓下跌，但并未强迫结构变化。</p>
</div><p>Historically, such divergences weaken bearish momentum without guaranteeing reversal timing. As long as CVD remains positive, downside acceleration loses strength.</p>
<div class="lb-trans"><p>历史上，这种背离削弱了看跌动能，但并不保证反转时机。只要 CVD 保持正值，下行加速的力量就会减弱。</p>
</div><p>Still, without a reclaim of resistance, accumulation alone cannot flip the trend. The signal supports stabilization, not confirmation.</p>
<div class="lb-trans"><p>然而，如果没有重新夺回阻力，仅靠积累无法翻转趋势。该信号支持稳定，而非确认。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Ethena-Spot-Taker-CVDCumulative-Volume-Delta-90-day-1-1.png"/></p>
<p>Source: CryptoQuant</p>
<div class="lb-trans"><p>来源：CryptoQuant</p>
</div><h2><strong>Funding Rates turn positive</strong></h2>
<div class="lb-trans"><h2><strong>融资利率转为正值</strong></h2>
</div><p>The OI-Weighted Funding Rate recently shifted from approximately -0.01% to around +0.005%, marking a notable change in leverage bias.</p>
<div class="lb-trans"><p>OI 加权融资利率最近从约 -0.01% 转变为约 +0.005%，标志着杠杆偏好的显著变化。</p>
</div><p>This transition followed a sharp long-side flush, where Open Interest contracted toward the $55–$60 million range. Funding turned positive, suggesting that traders now pay to hold longs, yet conviction remains cautious.</p>
<div class="lb-trans"><p>这一转变是在一次剧烈的多头清洗后发生的，期间未平仓合约收缩至 5500 万至 6000 万美元的范围。融资转为正值，表明交易者现在需要支付以持有多头，但信心仍然谨慎。</p>
</div><p>Rates stay shallow, indicating positioning rather than directional bets. This behavior reduces the risk of cascading liquidations on further downside.</p>
<div class="lb-trans"><p>利率保持在较低水平，表明的是定位而非方向性押注。这种行为降低了在进一步下行时发生级联清算的风险。</p>
</div><p>However, funding does not yet support breakout expectations. Instead, it signals balance. Traders anticipate stabilization but avoid excess leverage.</p>
<div class="lb-trans"><p>然而，融资尚未支持突破预期。相反，它发出平衡的信号。交易者预期稳定，但避免过度杠杆。</p>
</div><p>Therefore, leverage no longer drives volatility. Any sustained trend change will require price expansion alongside rising participation, not funding shifts alone.</p>
<div class="lb-trans"><p>因此，杠杆不再驱动波动性。任何持续的趋势变化都需要价格扩张与参与度上升，而不仅仅是融资的变化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-093846.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><h2><strong>Short-side liquidity builds above current price</strong></h2>
<div class="lb-trans"><h2><strong>当前价格上方的空头流动性积累</strong></h2>
</div><p>The Binance ENA liquidation map shows a clear concentration of short liquidation leverage above the current price near $0.20, with the densest clusters forming between $0.205 and $0.22.</p>
<div class="lb-trans"><p>Binance ENA 清算图显示，当前价格附近（约 0.20 美元）上方存在明显的空头清算杠杆集中，最密集的集群形成在 0.205 至 0.22 美元之间。</p>
</div><p>These levels contain cumulative short liquidation exposure exceeding $5 million, dominated by 25x and 50x leverage positions.</p>
<div class="lb-trans"><p>这些水平的累计空头清算敞口超过 500 万美元，主要由 25 倍和 50 倍杠杆头寸主导。</p>
</div><p>In contrast, long liquidation leverage below price is comparatively thin, with limited clusters visible below $0.18 and minimal exposure extending toward $0.13.</p>
<div class="lb-trans"><p>相比之下，价格下方的多头清算杠杆相对较薄，0.18 美元以下的集群有限，向 0.13 美元的敞口也很小。</p>
</div><p>This distribution indicates that recent positioning has favored short continuation bets rather than long leverage buildup.</p>
<div class="lb-trans"><p>这种分布表明，近期的定位更倾向于空头持续押注，而非多头杠杆的积累。</p>
</div><p>As a result, upward price movement into the $0.205–$0.22 range would intersect significantly more forced liquidations than a comparable downside move.</p>
<div class="lb-trans"><p>因此，价格向 0.205–0.22 美元区间的上行运动将会交叉显著更多的强制清算，而不是相应的下行运动。</p>
</div><p>The map therefore reflects an asymmetric liquidity profile rather than directional confirmation.</p>
<div class="lb-trans"><p>因此，该图反映出一种不对称的流动性特征，而非方向性确认。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2025/12/Screenshot-2025-12-23-094119.png"/></p>
<p>Source: CoinGlass</p>
<div class="lb-trans"><p>来源：CoinGlass</p>
</div><p>Conclusively, ENA remains structurally biased toward a downside continuation, with price likely to test the $0.1315 support zone before any meaningful rebound develops.</p>
<div class="lb-trans"><p>总之，ENA 在结构上偏向于下行延续，价格可能会在任何有意义的反弹发展之前测试 0.1315 美元支撑区。</p>
</div><p>Buyers have absorbed selling pressure, but have not reclaimed control of the trend. Unless aggressive demand steps in ahead of that level, downside risk persists.</p>
<div class="lb-trans"><p>买方已经吸收了卖压，但尚未重新夺回趋势的控制权。除非在该水平之前有强劲的需求介入，否则下行风险仍然存在。</p>
</div><p>A sustainable recovery only becomes credible if ENA holds $0.1315 and then reclaims channel resistance with expanding participation.</p>
<div class="lb-trans"><p>只有当 ENA 稳住 0.1315 美元并重新夺回通道阻力，同时参与度扩大时，持续的恢复才会变得可信。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2><strong>Final Thoughts</strong></h2>
<div class="lb-trans"><h2><strong>最后的思考</strong></h2>
</div><ul>
<li><em>ENA’s structure favors a downside test of $0.1315 before any recovery attempt.</em></li>
<li><em>A rebound requires decisive buyer intervention and a reclaim of channel resistance.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>ENA 的结构在任何恢复尝试之前偏向于下行测试 0.1315 美元。</em></li>
<li><em>反弹需要果断的买方介入和重新夺回通道阻力。</em></li>
</ul>
</div>

Ethena [ENA] under pressure – Will sellers force one last drop to $0.1315?

- Ethena 当前面临持续压力，重大持有者将 16.86 万 ENA 存入 Coinbase Prime。  
- ENA 价格徘徊在 $0.14–$0.15，反映出卖压和买盘吸纳。  
- 价格可能测试 $0.1315 支撑区，只在重新夺回阻力后才能实现可持续反弹。

Ethena [ENA] 正承受压力——卖家是否会迫使其最后一次跌至$0.1315？