Whale accumulation continued reinforcing confidence in $ENA despite its recent price weakness, as more than 102.1 million $ENA worth roughly $8.49 million left centralized exchanges within hours.
The latest buying activity involved 60 million $ENA valued at $4.97 million, another 35 million $ENA worth $2.92 million that immediately entered staking, and an additional 7.108 million $ENA valued at $600.7K purchased through Binance.
However, $ENA still traded lower, highlighting the disconnect between large investor behavior and short-term market sentiment.
Such activity reflected a preference for self-custody and staking instead of immediate distribution. As a result, whales reduced the liquid supply available for trading, while their actions suggested stronger long-term conviction than recent price performance indicated.
Spot outflows kept exchange supply under pressure
Exchange flow data continued supporting the accumulation narrative despite $ENA’s ongoing decline.
The latest daily Spot Inflow/Outflow reading showed -$450.98K, extending the series of negative netflows visible throughout recent sessions.
Unlike exchange inflows, persistent outflows reflected tokens leaving trading venues instead of entering them for potential selling.
This behavior aligned with the whale withdrawals recorded from Coinbase and Binance.
However, the relatively modest size of the latest outflow also showed that aggressive buying had not yet translated into broad market participation.
Retail demand remained restrained even as larger holders accumulated. Even so, shrinking exchange balances often reduced immediate sell-side liquidity.
If buyers continue absorbing available supply, those conditions could gradually improve $ENA’s broader market structure over the coming sessions.
$ENA revisits channel support as conviction gets tested
Ethena’s [$ENA] latest pullback shifted attention away from the recent rally and back toward the strength of its underlying trend.
Instead of breaking below structure, price retreated into the lower boundary of the ascending channel and found support around $0.0800, an area that has repeatedly attracted buyers throughout July.
That reaction kept the broader pattern intact, although upside conviction weakened after another rejection below $0.0900.
Meanwhile, the RSI fell to 47.61, slipping beneath its moving average at 53.52 and below the neutral threshold, reflecting fading buying interest rather than aggressive selling.
The market now sits at a decision point. A strong rebound from channel support could place $0.0900 back within reach and reopen the path toward the upper channel boundary.
However, losing $0.0800 would invalidate the current structure and could shift focus toward the $0.0700 support zone.
Final Summary
- Whale buying and exchange outflows continued reducing liquid $ENA supply despite the recent decline.
- $ENA held key channel support, while $0.0870 remained the next major upside liquidity zone.