Ethena Price Drops 4.39% Amid Onchain Selling and Sentiment Shift
Ethena (ENA) experienced a significant price drop of 4.39% over the last 24 hours, primarily due to onchain selling from large wallets.
The token transfers from internal and whale wallets to sell venues were notable, with one internal wallet moving over 9 million ENA to a new wallet, part of which was sold via CoW Swap DEX. Another tracker reported the team depositing 6.534 million ENA to Binance for sale.
An onchain analyst noted that these transfers increased sellable supply and signaled informed holders may be taking profit, creating potential near-term sell pressure.
The broader crypto market was modestly weak, contributing some drag but not fully explaining ENA's underperformance. Total crypto market cap slipped by about 0.5%, with volumes up, signaling a choppy session rather than a deep selloff.