A wallet tied to Ethena's Coinbase custody holdings moved 290 million ENA — roughly $26.4 million — to an address that has previously fed tokens to Binance and Coinbase sell-offs. The transfer pushed ENA to $0.08695, down 2.4% over the past 24 hours, and the token is now testing critical support at $0.085.
The transfer and the wallet pattern
On-chain data shows the receiving wallet (0xfDD) has a history: it sends ENA to personal wallets that then dump on Binance and Coinbase. That pattern set off alarms among traders watching the ENA market. But here's the twist — exchange netflows turned negative after the move, meaning more tokens left exchanges than arrived. That suggests the recipient hasn't rushed to sell, at least not yet.
Price action and the key level
ENA is hovering about 94.3% below its April 2024 all-time high of $1.52. The current daily range is $0.08530 to $0.09125. The $0.085 mark is the line in the sand. A sustained break below that could send the token toward $0.080. On the upside, resistance is forming between $0.093 and $0.096, where short liquidation levels are clustered just above $0.093.
Volume tells a quieter story: 24-hour trading volume is about $89.4 million, down more than 40% from recent sessions. Lower volume during a decline often means sellers are losing steam. It doesn't guarantee a rebound, but it suggests the panic might be fading.
Bitcoin's role and the broader picture
ENA's short-term outlook is tied to Bitcoin's stability above $64,000. If BTC holds, altcoins like ENA have a better shot at defending support. The Ethena protocol itself still holds about $3.992 billion in total value locked — no small sum. That TVL provides a floor of credibility, even as the token price struggles near its all-time low of $0.07023 from June 30, 2026. ENA is currently about 23.4% above that low.
The next trading sessions will decide whether $0.085 holds. If it does, expect a grind toward resistance. If it doesn't, $0.080 is the next stop. No one's calling a bottom yet.
