<p>在一月份早些时候，AMBCrypto 指出，Ethena [ENA] 代币价格未能对新合作伙伴关系的消息作出积极反应。在一月三十日，加密货币交易所 HTX 宣布上市 USDe，Ethena 的合成稳定币。</p>
<p>USDe 的全球采用增长似乎并未直接影响 ENA 的价格走势，自 2025 年九月底以来一直处于下行趋势。在一月三十日，价格达到了历史最低点 0.1484 美元。</p>
<p>AMBCrypto 还指出，散户投资者在出售，而一些大户则在购买 ENA。Ethena 大户余额的积极变化伴随着大户从中心交易所提取资金进行质押。</p>
<h2><strong>Ethena 价格趋势依然明显看跌</strong></h2>
<p>需求不足以克服代币解锁和持续的卖压。从价格走势来看，预计价格会反弹至 0.25 美元并出现抛售。这一情况已经发生，受到比特币 [BTC] 波动性的影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/ENA-MVRV-Pricing-Bands-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/ENA-MVRV-Pricing-Bands-scaled.png"/></p>
<p>来源：Glassnode</p>
<p>HTX 上市 USDe 后，ENA 价格反弹至 0.157 美元，但在周五几乎立即被抛售。MVRV 定价区间显示 ENA 的交易价格远低于其实现价格。</p>
<p>在 2024 年九月，低于实现价格的下行趋势已经持续了两个月，直到 ENA 在 2024 年第四季度有机会反转。目前低于 0.8 RP 区间的运行也刚刚超过两个月。</p>
<p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Ethena-Percent-Supply-in-Profit-scaled.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Ethena-Percent-Supply-in-Profit-scaled.png"/></p>
<p>来源：Glassnode</p>
<p>自十一月中旬以来，盈利供应比例一直低于 10%。在 2025 年六月至七月和 2024 年九月，盈利供应比例连续数周保持在 1% 以下，标志着市场的局部底部。</p>
<p>这表明持有者可能还会面临更多周的看跌和回调。尽管 DeFi 协议本身表现良好，但此时购买 ENA 风险极高。</p>
<p>例如，在 10/10 崩盘期间，USDe 在链上并未显著偏离其 1 美元的锚定目标，突显了 DeFi 的强大。</p>
<p>DeFiLlama 数据显示，自十月以来，Ethena 协议的总锁仓价值下降了超过 50%，但仍保持长期上升趋势。</p>
<hr/>
<h2>最终思考</h2>
<ul>
<li><em>ENA 代币在价格图表上继续显示看跌趋势，过去十天中盈利供应比例大部分时间低于 1%.</em></li>
<li><em>结合更广泛的加密市场情绪以及比特币跌破 74,000 美元的威胁，ENA 持有者可能需要在未来几个月内继续承受损失。</em></li>
</ul>

<p>Ethena 的 ENA 代币已跌至历史最低点 0.1484 美元，尽管其合成稳定币 USDe 在 HTX 上市。自 2025 年 9 月以来，该代币一直处于下行趋势，散户投资者在卖出，而一些大户则在买入。价格短暂反弹至 0.157 美元，但很快被抛售。自 11 月中旬以来，盈利供应比例一直保持在 10% 以下，显示出进一步下跌的潜在可能。自 10 月以来，Ethena 协议中的总锁定价值下降了超过 50%，但该 DeFi 协议仍保持稳定。在更广泛的市场情绪下，ENA 持有者可能面临长期亏损</p>

<p>Earlier in January, AMBCrypto noted that Ethena [ENA] token prices failed to react positively to the news of new partnerships. On the 30th of January, crypto exchange HTX announced the listing of USDe, Ethena’s synthetic stablecoin.</p>
<div class="lb-trans"><p>在一月份早些时候，AMBCrypto 指出，Ethena [ENA] 代币价格未能对新合作伙伴关系的消息作出积极反应。在一月三十日，加密货币交易所 HTX 宣布上市 USDe，Ethena 的合成稳定币。</p>
</div><p>The growth of USDe’s global adoption does not seem to directly affect ENA price action, which has been bearish since late September 2025. It made an all-time low on the 30th of January, when prices reached $0.1484.</p>
<div class="lb-trans"><p>USDe 的全球采用增长似乎并未直接影响 ENA 的价格走势，自 2025 年九月底以来一直处于下行趋势。在一月三十日，价格达到了历史最低点 0.1484 美元。</p>
</div><p>AMBCrypto also noted that retail investors were selling while some whales bought ENA. The positive change in the Ethena whale balance was accompanied by whale withdrawals from central exchanges for staking.</p>
<div class="lb-trans"><p>AMBCrypto 还指出，散户投资者在出售，而一些大户则在购买 ENA。Ethena 大户余额的积极变化伴随着大户从中心交易所提取资金进行质押。</p>
</div><h2><strong>Ethena price trends remain firmly bearish</strong></h2>
<div class="lb-trans"><h2><strong>Ethena 价格趋势依然明显看跌</strong></h2>
</div><p>Demand was not strong enough to overcome the token unlocks and steady selling pressure. From a price action perspective, a price bounce toward $0.25 and a sell-off were expected. This has come to pass, aided by Bitcoin [BTC] volatility.</p>
<div class="lb-trans"><p>需求不足以克服代币解锁和持续的卖压。从价格走势来看，预计价格会反弹至 0.25 美元并出现抛售。这一情况已经发生，受到比特币 [BTC] 波动性的影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/ENA-MVRV-Pricing-Bands-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/ENA-MVRV-Pricing-Bands-scaled.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>The USDe listing on HTX was followed by an ENA price bounce to $0.157, which was almost immediately sold off on Friday. The MVRV pricing bands showed that ENA was trading well below its realized price.</p>
<div class="lb-trans"><p>HTX 上市 USDe 后，ENA 价格反弹至 0.157 美元，但在周五几乎立即被抛售。MVRV 定价区间显示 ENA 的交易价格远低于其实现价格。</p>
</div><p>In September 2024, the downtrend below the realized price was two months old before ENA got a chance to reverse in Q4 2024. The current run below the 0.8 RP band is just over two months old, too.</p>
<div class="lb-trans"><p>在 2024 年九月，低于实现价格的下行趋势已经持续了两个月，直到 ENA 在 2024 年第四季度有机会反转。目前低于 0.8 RP 区间的运行也刚刚超过两个月。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://ambcrypto.com/wp-content/uploads/2026/01/Ethena-Percent-Supply-in-Profit-scaled.png" alt="" original-src="https://ambcrypto.com/wp-content/uploads/2026/01/Ethena-Percent-Supply-in-Profit-scaled.png"/></p>
<p>Source: Glassnode</p>
<div class="lb-trans"><p>来源：Glassnode</p>
</div><p>The percent supply in profit has been under 10% since mid-November. In June-July 2025 and September 2024, the percent supply in profit remained under 1% for weeks together, marking a local market bottom.</p>
<div class="lb-trans"><p>自十一月中旬以来，盈利供应比例一直低于 10%。在 2025 年六月至七月和 2024 年九月，盈利供应比例连续数周保持在 1% 以下，标志着市场的局部底部。</p>
</div><p>This showed that holders might have more weeks of bearishness and drawdown ahead. It was a highly risky time to buy ENA, though the DeFi protocol itself was doing fine.</p>
<div class="lb-trans"><p>这表明持有者可能还会面临更多周的看跌和回调。尽管 DeFi 协议本身表现良好，但此时购买 ENA 风险极高。</p>
</div><p>For example, during the 10/10 crash, USDe did not deviate notably on-chain from its $1 peg target, underlining the strength of DeFi.</p>
<div class="lb-trans"><p>例如，在 10/10 崩盘期间，USDe 在链上并未显著偏离其 1 美元的锚定目标，突显了 DeFi 的强大。</p>
</div><p>DeFiLlama data showed that the Total Value Locked on the Ethena protocol has declined by just over 50% since October, but has maintained its longer-term uptrend.</p>
<div class="lb-trans"><p>DeFiLlama 数据显示，自十月以来，Ethena 协议的总锁仓价值下降了超过 50%，但仍保持长期上升趋势。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最终思考</h2>
</div><ul>
<li><em>The ENA token continued to show bearishness on the price charts, and the percent supply in profit was under 1% for most of the past ten days.</em></li>
<li><em>Combined with the wider crypto market sentiment and the threat of BTC falling below $74k, ENA holders might have to remain underwater for months to come.</em></li>
</ul>
<div class="lb-trans"><ul>
<li><em>ENA 代币在价格图表上继续显示看跌趋势，过去十天中盈利供应比例大部分时间低于 1%.</em></li>
<li><em>结合更广泛的加密市场情绪以及比特币跌破 74,000 美元的威胁，ENA 持有者可能需要在未来几个月内继续承受损失。</em></li>
</ul>
</div>

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

- Ethena 已上市的 USDe 并未显著影响 ENA 价格，持续下滑至 $0.1484。  
- 整体市场情绪不佳，持有者可能面临更多的下行风险。  
- ENA 近期供应利润率低于 1%，显示出市场的疲软。

Ethena 创下历史新低：为什么 USDe 的采用没有帮助 ENA？