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Title: 140,000,000 ENA Pulled Off Exchanges in 4 Days: Will Price React?
Over the past four days, a staggering 140 million Ethena (ENA) tokens have been withdrawn from exchanges. This massive outflow of ENA has taken place amidst a bearish trend, with the token’s price continuing to slide below $0.65. The sudden removal of such a substantial amount of ENA may raise questions about the future trajectory of the asset.
The data shared by analyst Ali Martinez shows an unmistakable decline in exchange supply from 1.3 billion to 1.16 billion ENA between August 17 and August 21, 2025. This steady outflow over four days raises concerns regarding potential bearish momentum.
Despite this significant pull-off, the ENA price has continued its downward path, falling from above $0.80 to approximately $0.64. The withdrawal of such a massive amount of tokens could potentially reduce sell-side pressure, but the sustained price decline suggests weak demand or possible off-exchange trading activity instead.
At the time of writing, ENA traded at $0.65. Over the past 24 hours, it has seen a slight rise of 0.55%, accompanied by a total volume of $442 million. The cryptocurrency has experienced an over 10% decline in value over the past week, highlighting ongoing market weakness.
In related news, tracking account Lookonchain reported that trader 0x2611 is facing losses exceeding $1.85 million on their long ENA position. To avoid liquidation, they added 1.7 million USDC into Hyperliquid earlier today.
It appears that the cryptocurrency’s price action is closely monitored by traders and analysts alike as it hovers around a confluence of technical levels. A popular trader and analyst, Altcoin Sherpa, posted a chart highlighting ENA’s proximity to key indicators, including the 200-day EMA at $0.62, the Fibonacci zone at $0.61, and an older resistance level from late July.
The combination of these factors serves as a potential support area for the cryptocurrency. This could potentially prompt buying pressure, which would be reflected in the token’s price.
Source: cryptopotato.com
