Crypto
ENA Price Action Hinges on Bitcoin and Whale Wallet Transfer
Ethena's recent price action has traders watching closely as it tests critical support at $0.085.
A large wallet transfer of approximately 290 million ENA, valued at about $26.4 million, from Coinbase custody holdings to a personal wallet has raised selling concerns.
The token is currently trading down 2.4% over the past 24 hours but remains up 8.3% over the past seven days and 11.1% over the last two weeks.
The wallet transfer, which could precede exchange deposits and increased selling activity, has not yet translated into confirmed selling pressure in the spot market.