Ethena whales move 102M ENA off exchanges as sell pressure fades

Whales accumulated over 102 million ENA worth $8.49 million from centralized exchanges, reducing available supply despite the token's recent price weakness.

The buying activity included 60 million ENA valued at $4.97 million, another 35 million ENA worth $2.92 million that immediately entered staking, and 7.108 million ENA purchased through Binance, according to blockchain data tracked by Lookonchain.

Exchange flow data reinforced the accumulation narrative. The daily spot inflow/outflow reading showed -$450.98K, extending a series of negative netflows, per CoinGlass. Persistent outflows reflected tokens leaving trading venues rather than entering them for potential selling, though the modest size of the latest outflow indicated retail demand remained restrained.

ENA traded near $0.0800, the lower boundary of its ascending channel, a level that has attracted buyers throughout July. The relative strength index fell to 47.61, below its moving average of 53.52 and beneath the neutral threshold. A rebound from channel support could place $0.0900 back within reach, while losing $0.0800 would shift focus toward the $0.0700 support zone.

The whale activity reflected a preference for self-custody and staking over immediate distribution, reducing the liquid supply available for trading. Such behavior suggested stronger long-term conviction among large holders than recent price performance indicated. If buyers continue absorbing available supply, those conditions could gradually improve ENA's broader market structure.

This article is for informational purposes only and does not constitute investment advice.