Amber Group Wallet Buys $3.58M Ethena Amid Weak Demand

Ethena's price has been consolidating between $0.090 and $0.093, but recent buying activity from an Amber Group-linked wallet may signal a potential accumulation opportunity.

The wallet, labeled as Arkham on CoinGlass, purchased 38.89 million Ethena tokens worth $3.58 million. This large buy order suggests that investors are viewing Ethena's current price range as undervalued and ripe for buying.

However, despite this positive sign, demand remains weak, with Exchange Netflow staying positive for three consecutive days but showing a 15% drop in trading volume. This indicates lower market activity and increased supply available for selling, which could keep pressure on Ethena's narrow trading range.