Whale accumulation continued to build confidence in ENA despite recent price weakness, as over 102.1 million ENA worth approximately $8.49 million left centralized exchanges in a matter of hours.
THE last purchasing activity involved 60 million ENA worth $4.97 million, an additional 35 million ENA worth $2.92 million that immediately entered staking, and an additional 7.108 million ENA worth $600.7k purchased through Binance.
However, ENA is still trading lower, highlighting the disconnect between large investor behavior and short-term market sentiment.
Such activity reflected a preference for self-custody and staking rather than immediate distribution. As a result, whales reduced the supply of liquid available for trading, while their actions suggested stronger long-term conviction than recent price action indicated.
One-off outflows kept FX supply under pressure
Data on exchange flows continued to support the accumulation narrative despite the continued decline of the ENA.
The last daily One-time entry/exit the reading showed -$450.98K, extending the streak of negative net flows visible over the past few sessions.
Unlike exchange inflows, persistent outflows reflected tokens leaving trading venues instead of entering them for potential sale.
This behavior corresponds to whale withdrawals recorded on Coinbase and Binance.
However, the relatively modest scale of the latest capital outflows also showed that aggressive buying has not yet translated into broad market participation.
Retail demand remained contained even as the largest holders accumulated. However, the contraction of foreign exchange balances has often reduced immediate liquidity on the sellers’ side.
If buyers continue to absorb the available supply, these conditions could gradually improve the broader structure of the ENA market over the coming sessions.
ENA reviews support for channel as conviction tested
Ethena (ENA) The latest pullback has shifted attention away from the recent rally and back towards the strength of its underlying trend.
Instead of falling below the structure, price retreated to the lower boundary of the ascending channel and found support around $0.0800, an area that repeatedly attracted buyers throughout July.
This reaction kept the broader trend intact, although the upside conviction weakened after another rejection below $0.0900.
Meanwhile, the RSI fell to 47.61, sliding below its moving average at 53.52 and below the neutral threshold, reflecting diminishing buying interest rather than aggressive selling.
The market is now at a decision point. A strong rebound from channel support could put $0.0900 back within reach and reopen the path to the upper boundary of the channel.
However, losing $0.0800 would invalidate the current structure and could shift the focus towards the $0.0700 support zone.
Final Summary
- Whale purchases and exchange outflows have continued to reduce ENA’s liquid supply despite the recent decline.
- ENA held key channel support, while $0.0870 remained the next major bullish liquidity zone.
