"We're still seeing strong accumulation," said one trader watching the latest whale moves on-chain. BitMEX co-founder Arthur Hayes just dropped over half a million dollars into Ethena's ENA token, buying 6 million coins in two separate transactions at an average price of $0.09. The builder behind ENA added another 1.3 million tokens in an eighth consecutive purchase, bringing total whale accumulation above 7.2 million ENA, worth roughly $1.2 million. The buying is aggressive enough, but it's hitting the market right before a scheduled unlock on August 5 that will dump 171.88 million ENA into circulation, roughly $15 million worth.
Ethena's token has been stuck in a tight range around $0.09 after climbing 14% from $0.0788 over the past few weeks. That $0.09 level is exactly where these whales are positioning themselves, but technical signals suggest caution. The RSI divergence is flashing bearish despite the index climbing to 55, and previous attempts to break above the range have resulted in sharp reversals. On-chain transfer activity on Binance has dried up too, with counts dropping from 4.17K in late July to just 2.38K now, signaling traders are losing interest. The first of August already saw 95.31 million ENA worth $8.38 million released, piling selling pressure onto what's supposed to be a recovery period.
The real question is whether whale buying can absorb that unlock volume without the price collapsing. If bulls can keep ENA above $0.0875 and push through $0.0924, the resistance holding the token down for months could finally break. Fall short, and the token drops back to $0.0789, erasing the entire rally and testing the demand level that sparked this move in the first place. With daily volume hovering around $150 million and a market cap still under $1 billion, Ethena's stablecoin dominance hasn't translated to price momentum yet.
This article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry substantial risk, and token unlocks can significantly impact price movements.
