More than 102 million ENA tokens, worth about $8.5 million, left centralized exchanges in just a few hours, signaling a strong move by Ethena’s largest holders. This included a purchase of 60 million ENA valued nearly $5 million, with another 35 million tokens going straight into staking, showing these whales prefer holding and locking up their assets instead of selling. An additional 7.1 million ENA tokens were bought on Binance, totaling a significant accumulation despite the token’s recent price dip.
Yet, ENA’s price continued to slide, highlighting a strange gap between what big players are doing and the short-term market mood. These whales seem more focused on long-term gains than quick profits, reducing the supply available for trading and making it harder for sellers to find buyers. This trend helps explain why the exchange supplies have been shrinking even as retail investors stay on the sidelines, hesitant to jump in.
Data on token flows confirms this pattern. The latest outflow from exchanges was around $451,000, part of a steady stream of withdrawals as tokens leave trading platforms like Coinbase and Binance. These outflows suggest holders are moving assets into private wallets or staking rather than selling. However, the pace isn’t aggressive enough yet to spark widespread buying from smaller investors, who remain cautious amid the price weakness.
Technically, Ethena’s price found support near $0.08 after retreating from its recent rally, bouncing off the lower boundary of its upward channel. Still, buyers are losing steam with the RSI slipping below neutral levels, signaling fading enthusiasm. The market’s ability to hold this support area will be key for any recovery, but for now, the disconnect between whale activity and price action keeps the outlook uncertain.
This content is for informational purposes only and does not constitute financial advice.
