2026-01-09 03:22:12

ENA's Recent Pullback: Distribution Phase or Market Correction?

Ethena ($ENA) took a hit, sliding 6% over the past day while the broader market held steadier. Here's what's happening under the hood.

The core issue: Flowdesk just moved $2M worth of ENA tokens to exchange wallets—typically a precursor to selling pressure. Combined with a 55% drop in total value locked since October, the fundamentals look shaky. The project's losing steam in terms of on-chain activity.

Meanwhile, capital's been flowing hard into Bitcoin. Market participants seem to be repositioning, rotating out of smaller alt positions toward the macro narrative. Whether this is a genuine distribution by early backers or just profit-taking from recent holders remains the real question. Either way, the TVL collapse speaks volumes about reduced confidence in the ecosystem.

ENA-5,35%

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SeeYouInFourYears

· 13h ago

Another "whale runs away" plot, $ENA really can't hold up anymore --- Flowdesk dumps, TVL halved, isn't this the prelude to a death spiral? --- Funds have all moved to Bitcoin, small coins should be like this --- 55% of TVL is gone... what else is there to say? --- Early adopters should wake up --- Another overhyped project, it's only a matter of time --- $2M poured into the exchange, this is a lesson for everyone --- Watch the show, BTC is the real winner --- As expected, the ecosystem is weak and can't withstand market tests

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HackerWhoCares

· 14h ago

Here comes the harvest again? Flowdesk dumps two million, TVL plummets by 55%, this is what they call an "ecosystem"

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OnChainDetective

· 01-09 09:22

That $2M transfer on Flowdesk is really suspicious... I tracked this wallet address for over half an hour, and the backend data shows this doesn't seem like a simple profit-taking move. It looks more like preparing for a large-scale dump. The TVL plummeting by 55% is even more outrageous; this isn't just market rotation, it's bleeding out.

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LuckyHashValue

· 01-09 03:42

Is a 55% drop in TVL this exaggerated? It seems like we need to reevaluate this project... But then again, those who buy the dip at this time are probably just gamblers.

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MeltdownSurvivalist

· 01-09 03:42

This is really bad. Flowdesk dumped $2M, and TVL dropped by 55%? It seems like the early investors should have already run.

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MEVictim

· 01-09 03:37

Flowdesk's dump is really incredible, directly crashing 2M into the exchange, clearly trying to run away.

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OnChainSleuth

· 01-09 03:26

It's the same old trick again, moving coins to exchanges before dumping, Flowdesk is so experienced at this. With TVL dropping like this, do they still want to fool us into thinking it's just a correction? Wake up. I'm really losing confidence in this wave of ENA; funds are all rushing to BTC, who cares about small altcoins anymore. 55% of TVL is gone, and you call this a market correction? It's clearly a signal of fleeing. Flowdesk cashed out 2 million, and there will definitely be others following suit to dump later. Retail investors' fate of being left holding the bag is sealed. It looks like the big players are quietly repositioning; I should have cleared everything after October.

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