ENA Whales Reduce Liquid Supply Despite Price Weakness

Despite recent price weakness, Ethena's (ENA) whales continued to accumulate tokens, reinforcing confidence in the asset. In a significant move, more than 102.1 million ENA worth around $8.49 million left centralized exchanges within hours.

The latest buying 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.

This behavior reflected a preference for self-custody and staking instead of immediate distribution, reducing the liquid supply available for trading while suggesting stronger long-term conviction than recent price performance indicated.