Ethena Price Dropped Amid Weak Demand and Whale Accumulation

Ethena (ENA) price dropped by 3.9% in the past 24 hours, with a 41% decline in daily trading volume. The decrease in activity may be attributed to the onset of the weekend, which often brings quieter market conditions.

Whale accumulation has been observed, as Arthur Hayes, co-founder of BitMEX, purchased 22.64 million ENA worth $2 million over five days. Additionally, a wallet linked to Amber Group bought 38.89 million ENA valued at $3.58 million.

However, the exchange netflows remain weak, with more Ethena moving onto exchanges than leaving them, indicating weak demand and a challenge for the price to move back above the $0.10 psychological barrier.