A significant player recently staked 60 million Ethena (ENA) tokens worth roughly $4.73 million, just a day after purchasing them via Coinbase Prime. This move removed nearly 0.63% of ENA’s circulating supply from the market, signaling a clear long-term investment rather than a quick flip.
Large-scale staking like this often drains tokens from liquid circulation, making fewer coins available for trading. Yet despite this reduction, ENA’s price hovered close to a key support level without breaking out. Investors seem cautiously optimistic, balancing the shrinking token supply against an overall hesitant market mood.
Exchange data shows net outflows of ENA continue, with a daily figure recently hitting -$455,650, extending a trend where more tokens leave exchanges than enter. This typically points to holders moving assets to wallets or staking rather than selling, which limits immediate selling pressure. Still, the price hasn’t reacted positively to these tighter supplies, suggesting demand remains tentative.
On the derivatives front, the view is mixed. The open interest-weighted funding rate slipped to -0.0054%, a shift from the positive readings throughout July. This small negative funding rate means shorts are paying longs, hinting at increased bearish bets in perpetual futures. However, the change is modest and seems more like traders trimming bullish exposure than panic selling.
the staking event strengthens the case for accumulation, but until spot buyers step in more aggressively, the price may continue to tread water. Reduced selling liquidity creates a structural edge for bulls, but fresh momentum is needed to translate this into a sustained rally.
This content is informational and not financial advice.
