Ethena ($ENA) Slides 10% as Strobe Fund Completes Its Full Exit, Sending 102 Million Tokens to Coinbase

Published November 12, 2026, 10:00 PM PKT. Based on on-chain monitoring reported by KuCoin, TokenPost and Lookonchain on November 11 and 12, 2026 (primary sources) and market data from Binance and Gate the same day (secondary sources). A transfer to an exchange does not establish that the tokens were sold, and the figures below are reported, not confirmed by the fund.

Ethena ($ENA) fell about 10 percent to $0.1389 on November 12, 2026, after venture fund Strobe Ventures sent its final 50 million ENA to Coinbase, completing the sale of its entire 142.9 million token allocation.

The token traded as low as $0.1368 during the day, according to Binance data, and sat about 91 percent below its April 2024 all-time high of $1.52. It has lost about 34 percent in the last 30 days, according to Gate, as large holders keep moving coins toward exchanges.

Strobe's final 50 million ENA

Strobe Ventures transferred its final 50 million ENA, worth about $7.54 million, to Coinbase on November 11, according to on-chain analyst EmberCN, as cited by KuCoin. Within one day the fund had sent 101.95 million ENA, worth about $15.6 million, to the exchange.

The fund received its 142.9 million ENA through an investment about two years ago, and all of it has now been sold for about $32.95 million, at an average price of about $0.23 per token, according to the same reports. Lookonchain put the average exit price slightly higher, at about $0.24, and said the whale address received 142.92 million ENA from Ethena two years ago, when the tokens were worth about $69.69 million.

Strobe was not the only large holder moving tokens. A wallet associated with Anchorage also transferred about 100 million ENA, and a further 61 million ENA moved from a dormant wallet, according to Gate, which cautioned that the records may overlap and should not simply be added together. Recently unlocked tokens may also have added to potential supply pressure, Gate said.

A month of steady selling pressure

The exit caps a month in which Ethena ($ENA) has been under near-constant supply pressure. The token is down about 13.5 percent over seven days and about 34 percent over 30 days, according to Gate, and its market value has shrunk to about $1.9 billion, with 24-hour trading volume of about $229.89 million across venues, according to DeFiLlama.

Part of the pressure came from a scheduled unlock. Ethena's team was due to receive about 93.75 million ENA on November 5, worth about $15.8 million at the time, according to unlock tracker Tokenomist, as cited by CoinDCX. DeFiLlama said that as of November 12, no further ENA unlocks are scheduled, with about 70 percent of the 15 billion maximum supply now unlocked and 13.5 billion tokens in circulation.

The deeper overhang dates to the October 29 breach of Binance, the largest crypto theft on record at about $6.3 billion. The attacker sold about 217.5 million stolen ENA for Ether ($ETH) worth about $33.9 million, according to on-chain tracker Lookonchain, as cited by CoinDCX, and the token fell more than 16 percent in the four hours around the attack, according to analytics firm Santiment.

USDe holds its peg as the token slides

Ethena's synthetic dollar, USDe ($USDe), has held its dollar peg through the slide, briefly slipping to $0.9974 on October 30 before recovering, according to CoinDCX. The token and the synthetic dollar are separate instruments: ENA is Ethena's governance token, while USDe is the dollar-denominated product, and selling in one does not automatically mean stress in the other.

Tokenholders approved a governance fee switch in September that allocates 95 percent of Foundation-collected protocol revenue toward open-market ENA repurchases, according to CoinDCX. The buyback is approved but not yet active, because USDe supply must first reach $7.5 billion, and it stood near $4.66 billion on October 21, according to Bitrue.

What traders watch next

With the unlock calendar now clear, according to DeFiLlama, the next test for Ethena ($ENA) is whether exchange inflows slow. Strobe's allocation is fully sold, so that particular source of supply is gone, but the Anchorage-linked and dormant-wallet transfers show other large holders are still moving coins, and Gate noted that sell-side depth exceeded buy-side depth on November 12.

The broader market offers little cover. Bitcoin ($BTC) slipped toward $72,200 on November 12 as a tech selloff spread, and the crypto Fear and Greed Index sat at 28 out of 100, in Fear territory, according to Gate. For ENA, the $0.1368 intraday low is now the level traders will watch, with the $0.1560 daily high above it as the first resistance if buyers return.

Sources

• KuCoin, Strobe Fund Completes ENA Liquidation, Selling a Total of $32.95M, November 11, 2026 (primary source: EmberCN monitoring, final 50 million ENA worth about $7.54 million to Coinbase, 101.95 million ENA worth about $15.6 million in one day, all 142.9 million ENA sold for about $32.95 million at an average of about $0.23)
• Lookonchain, A crypto whale liquidated 102 million ENA tokens over the past two days, November 12, 2026 (primary source: whale address 0x3C71 deposited its remaining 102 million ENA worth $15.6 million into Coinbase over two days, received 142.92 million ENA worth $69.69 million from Ethena two years ago, fully sold at an average of $0.24)
• TokenPost, Strobe Ventures Sent 101.95 Million ENA to Coinbase in One Day, November 12, 2026 (primary source: 101.95 million ENA in one day, about 71 percent of the 142.9 million allocation, final 50 million ENA deposit about an hour before the November 11 update)
• Gate, Price of Ethena (ENA) Today, November 12, 2026 (secondary source: $0.13899, down 10.04 percent in 24 hours, 24-hour low $0.13690, high $0.15601, market cap about $1.85 billion, down 13.54 percent in 7 days and 33.82 percent in 30 days, 90.86 percent below the $1.52080 all-time high, Anchorage-linked wallet transfer of about 100 million ENA, 61 million ENA from a dormant wallet, Fear and Greed Index at 28)
• CoinDCX, Ethena (ENA) Slides 19% as Hacker Dumps 217.5M Stolen ENA, November 3, 2026 (secondary source: 217.5 million stolen ENA sold for about $33.9 million in Ether after the October 29 Binance breach, USDe briefly slipped to $0.9974 on October 30, November 5 team vesting of about 93.75 million ENA worth about $15.8 million per Tokenomist, September fee switch allocating 95 percent of Foundation revenue to ENA repurchases)
• DeFiLlama, Ethena (ENA) Token Unlocks, November 12, 2026 (secondary source: $0.14, down 8.30 percent over 24 hours, no upcoming ENA unlocks scheduled as of November 12, circulating supply 13.5 billion ENA, maximum supply 15 billion, market cap $1.895 billion, 24-hour volume $229.89 million, 70.15 percent unlocked)
• Binance, ENA/USDT 24-hour ticker, November 12, 2026 (secondary source: last price $0.1389, down 9.86 percent in 24 hours, 24-hour high $0.1560, low $0.1368)

This article is news reporting and is not investment advice.