Whale investors have accumulated over 102.1 million Ethena (ENA) tokens, worth roughly $8.49 million, transferring them from centralized exchanges within hours 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 was immediately staked, and 7.108 million ENA purchased through Binance. This behavior reflects a preference for self-custody and staking, reducing the liquid supply available for trading and suggesting stronger long-term conviction among large holders.
Whale accumulation continued reinforcing confidence in Ethena despite its recent price weakness, as more than 102.1 million ENA worth roughly $8.49 million left centralized exchanges within hours. The 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.
Despite this, 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. 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 modest size of the latest outflow also showed that aggressive buying had not yet translated into broad market participation, with retail demand remaining restrained.
Ethena’s 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.
