---
title: "Ethena Plummets 12.26% Amid Broader Decline in Bitcoin (BTC), Ether (ETH), and Solana (SOL)"
url: https://thecoingazette.com/ethena-falls-12-26-as-bitcoin-btc-ether-eth-and-solana-sol-also-decline/
date: 2026-11-05
modified: 2026-11-05
lang: en
author: "Coin Gazette Editorial"
description: "Ethena's ENA token fell more than 12% as Bitcoin, Ethereum and Solana declined amid a broader market selloff and heavy leveraged liquidations."
categories:
  - "Crypto News"
tags:
  - "crypto"
  - "cryptocurrencies"
  - "Defi"
  - "Market Trends"
  - "News"
word_count: 401
---

# Ethena Plummets 12.26% Amid Broader Decline in Bitcoin (BTC), Ether (ETH), and Solana (SOL)

ENA traded at $0.1607 at 12:51 p.m. ET (17:51 UTC) on Thursday, Nov. 5, with the other three assets also down over 24 hours.

Ethena's ENA token fell more than 12% on November 5 as a broad cryptocurrency market selloff pushed major digital assets lower. Weakness in technology stocks and heavy leveraged liquidations added to pressure across the market.

[Bigdata.com](https://app.bigdata.com/documents/5BEA9487F8AF63ECBD0EA3210DEC1EC0) market data showed ENA trading near $0.16, with its 24-hour decline ranging from approximately 12.5% to 12.7% across different reporting snapshots.

[Bitcoin](https://thecoingazette.com/bitcoin/) fell 5.65% to around $75,880, while [Ether](https://thecoingazette.com/ethereum-price-chart/) dropped 7.80% to approximately $2,234. Solana also declined 6.22%, trading near $89.55.

ENA's losses were steeper than those of the three major cryptocurrencies, extending a period of weakness that had already pushed the token down approximately 29.87% over the previous month.

## Long Liquidations Add to Selling Pressure

Leveraged trading contributed to ENA's intraday decline. A Bigdata.com report recorded approximately $2.44 million in ENA long liquidations across Binance, Bybit and OKX during one hour.

On [Binance](https://thecoingazette.com/binance/), the ENA/USDT price fell from $0.1742 to $0.1618 between 9:55 a.m. and 10:55 a.m. ET, a decline of 7.12%.

Liquidations can accelerate price declines when leveraged traders are forced to close positions. Broader market reports also recorded more than $1 billion in crypto liquidations, largely involving long positions.

The selloff coincided with a sharp decline in technology stocks. The Nasdaq fell approximately 5.5% as concerns about technology and artificial intelligence valuations weighed on investor sentiment.

Although the simultaneous declines point to a broader risk-off environment, the available data does not establish a direct cause for ENA's underperformance.

## No Confirmed Ethena Protocol Issues

ENA's price decline does not establish that Ethena's protocol or its USDe synthetic dollar is experiencing problems.

ENA is the project's governance and ecosystem token, while USDe is a separate synthetic dollar product. A decline in ENA's market price is not evidence of a USDe depeg, collateral losses or operational failure.

The available market reports document price movements and liquidations but do not identify a specific Ethena-related incident behind the selloff.

## What to Watch

Further insight into ENA's performance will depend on exchange inflows, large-holder activity, derivatives positioning and upcoming token distributions. USDe's market price, supply and collateral data should also be monitored separately from ENA.

For now, the evidence points to ENA falling amid a wider crypto market downturn, with leveraged liquidations adding to intraday pressure. A single token-specific catalyst has not been confirmed.