<p>在一月份早些時候，AMBCrypto 指出，Ethena [ENA] 代幣價格未能對新合作伙伴關係的消息作出積極反應。在一月三十日，加密貨幣交易所 HTX 宣佈上市 USDe，Ethena 的合成穩定幣。</p>
<p>USDe 的全球採用增長似乎並未直接影響 ENA 的價格走勢，自 2025 年九月底以來一直處於下行趨勢。在一月三十日，價格達到了歷史最低點 0.1484 美元。</p>
<p>AMBCrypto 還指出，散户投資者在出售，而一些大户則在購買 ENA。Ethena 大户餘額的積極變化伴隨着大户從中心交易所提取資金進行質押。</p>
<h2><strong>Ethena 價格趨勢依然明顯看跌</strong></h2>
<p>需求不足以克服代幣解鎖和持續的賣壓。從價格走勢來看，預計價格會反彈至 0.25 美元並出現拋售。這一情況已經發生，受到比特幣 [BTC] 波動性的影響。</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>來源：Glassnode</p>
<p>HTX 上市 USDe 後，ENA 價格反彈至 0.157 美元，但在週五幾乎立即被拋售。MVRV 定價區間顯示 ENA 的交易價格遠低於其實現價格。</p>
<p>在 2024 年九月，低於實現價格的下行趨勢已經持續了兩個月，直到 ENA 在 2024 年第四季度有機會反轉。目前低於 0.8 RP 區間的運行也剛剛超過兩個月。</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>來源：Glassnode</p>
<p>自十一月中旬以來，盈利供應比例一直低於 10%。在 2025 年六月至七月和 2024 年九月，盈利供應比例連續數週保持在 1% 以下，標誌着市場的局部底部。</p>
<p>這表明持有者可能還會面臨更多周的看跌和回調。儘管 DeFi 協議本身表現良好，但此時購買 ENA 風險極高。</p>
<p>例如，在 10/10 崩盤期間，USDe 在鏈上並未顯著偏離其 1 美元的錨定目標，突顯了 DeFi 的強大。</p>
<p>DeFiLlama 數據顯示，自十月以來，Ethena 協議的總鎖倉價值下降了超過 50%，但仍保持長期上升趨勢。</p>
<hr/>
<h2>最終思考</h2>
<ul>
<li><em>ENA 代幣在價格圖表上繼續顯示看跌趨勢，過去十天中盈利供應比例大部分時間低於 1%.</em></li>
<li><em>結合更廣泛的加密市場情緒以及比特幣跌破 74,000 美元的威脅，ENA 持有者可能需要在未來幾個月內繼續承受損失。</em></li>
</ul>

<p>Ethena 的 ENA 代幣已跌至歷史最低點 0.1484 美元，儘管其合成穩定幣 USDe 在 HTX 上市。自 2025 年 9 月以來，該代幣一直處於下行趨勢，散户投資者在賣出，而一些大户則在買入。價格短暫反彈至 0.157 美元，但很快被拋售。自 11 月中旬以來，盈利供應比例一直保持在 10% 以下，顯示出進一步下跌的潛在可能。自 10 月以來，Ethena 協議中的總鎖定價值下降了超過 50%，但該 DeFi 協議仍保持穩定。在更廣泛的市場情緒下，ENA 持有者可能面臨長期虧損</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>在一月份早些時候，AMBCrypto 指出，Ethena [ENA] 代幣價格未能對新合作伙伴關係的消息作出積極反應。在一月三十日，加密貨幣交易所 HTX 宣佈上市 USDe，Ethena 的合成穩定幣。</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 的全球採用增長似乎並未直接影響 ENA 的價格走勢，自 2025 年九月底以來一直處於下行趨勢。在一月三十日，價格達到了歷史最低點 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 還指出，散户投資者在出售，而一些大户則在購買 ENA。Ethena 大户餘額的積極變化伴隨着大户從中心交易所提取資金進行質押。</p>
</div><h2><strong>Ethena price trends remain firmly bearish</strong></h2>
<div class="lb-trans"><h2><strong>Ethena 價格趨勢依然明顯看跌</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>需求不足以克服代幣解鎖和持續的賣壓。從價格走勢來看，預計價格會反彈至 0.25 美元並出現拋售。這一情況已經發生，受到比特幣 [BTC] 波動性的影響。</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>來源：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 後，ENA 價格反彈至 0.157 美元，但在週五幾乎立即被拋售。MVRV 定價區間顯示 ENA 的交易價格遠低於其實現價格。</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，低於實現價格的下行趨勢已經持續了兩個月，直到 ENA 在 2024 年第四季度有機會反轉。目前低於 0.8 RP 區間的運行也剛剛超過兩個月。</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>來源：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>自十一月中旬以來，盈利供應比例一直低於 10%。在 2025 年六月至七月和 2024 年九月，盈利供應比例連續數週保持在 1% 以下，標誌着市場的局部底部。</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>這表明持有者可能還會面臨更多周的看跌和回調。儘管 DeFi 協議本身表現良好，但此時購買 ENA 風險極高。</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 崩盤期間，USDe 在鏈上並未顯著偏離其 1 美元的錨定目標，突顯了 DeFi 的強大。</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 數據顯示，自十月以來，Ethena 協議的總鎖倉價值下降了超過 50%，但仍保持長期上升趨勢。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><h2>Final Thoughts</h2>
<div class="lb-trans"><h2>最終思考</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 代幣在價格圖表上繼續顯示看跌趨勢，過去十天中盈利供應比例大部分時間低於 1%.</em></li>
<li><em>結合更廣泛的加密市場情緒以及比特幣跌破 74,000 美元的威脅，ENA 持有者可能需要在未來幾個月內繼續承受損失。</em></li>
</ul>
</div>

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

- Ethena 已上市的 USDe 並未顯著影響 ENA 價格，持續下滑至 $0.1484。  
- 整體市場情緒不佳，持有者可能面臨更多的下行風險。  
- ENA 近期供應利潤率低於 1%，顯示出市場的疲軟。

Ethena 創下歷史新低：為什麼 USDe 的採用沒有幫助 ENA？