Ethena Whales Dump $8.49M Worth of ENA Tokens

Whale buying activity in Ethena (ENA) has continued to reinforce confidence in the token, despite its recent price weakness. Over 102 million ENA tokens worth around $8.49 million were moved off centralized exchanges within a short period of time.

The latest buying activity saw whales purchasing 60 million ENA valued at $4.97 million, with an additional 35 million ENA worth $2.92 million entering staking immediately. Another 7.108 million ENA tokens, valued at around $600.7K, were purchased through Binance.

This activity suggests that whales are opting for self-custody and staking over immediate distribution, reducing the liquid supply available for trading in the short term. However, despite this buying activity, the token's price continued to trade lower, highlighting a disconnect between large investor behavior and short-term market sentiment.