Overview

• ENA rose roughly 8% on Oct. 17 and later traded near $0.47 with market value topping $3.1–$3.2 billion as volumes recovered.
• USDe held its $1 target during a roughly $1.2 billion liquidation wave, after an Oct. 10 Binance pricing anomaly briefly printed $0.65 and drove a sharp ENA sell-off.
• Binance acknowledged the mispricing and introduced a $400 million reimbursement initiative, while Ethena published on-chain reserves data and clarified the oracle issue.
• Ethena expanded its Stablecoin-as-a-Service to Conduit, enabling projects on Conduit’s rollup infrastructure to launch native stablecoins using Ethena’s collateralized design.
• On-chain data shows whales increasing ENA holdings and exchange balances falling, though analysts flag a potential death cross and trackers report large founder-linked withdrawals with unclear intent.