Ethena's price pressed near $0.085 after a substantial wallet movement rattled the market. Approximately 290 million ENA tokens, worth $26.4 million, moved from Ethena's Coinbase custody wallet to another address known for funneling tokens toward exchanges. This triggered fresh selling concerns among traders, even as the overall market response remained cautious.
Whale Transfer Spurs Alert but No Immediate Sell-Off
ENA traded around $0.08695, down 2.4% on a 24-hour basis, fluctuating between $0.0853 and $0.09125. Despite the dip, the token has gained over 8% this week and more than 11% in the last two weeks, recovering from earlier losses this year. The wallet receiving the 290 million ENA has a history of moving tokens to personal wallets used for sales on major platforms like Binance and Coinbase, intensifying fears of upcoming sell pressure.
Yet, exchange netflows remain negative, indicating more ENA leaves exchanges than enters. This suggests the large transfer hasn't yet resulted in active selling. Traders are now watching for further similar transfers that might confirm a bearish trend or increased sell-offs.
Lower Trading Volume Hints at Fading Selling Momentum
Meanwhile, trading volume has dropped sharply. ENA's 24-hour volume fell below $90 million, marking a 40% decline from previous days. Such a reduction during a price slump often signals that sellers lack strong conviction, rather than accelerating exits. The muted volume questions the strength of recent downward moves and leaves room for potential stability or reversal.
With Bitcoin’s next moves shaping broader market sentiment, Ethena’s path depends on whether selling pressure picks up or if buyers step in around the $0.085 mark.
This material is for informational purposes and does not constitute financial advice.
