A single wallet has staked 60 million ENA tokens, a move that comes as the cryptocurrency tests a major support level. The staking event removes a significant chunk of supply from active trading, and exchange outflows have been running high, further limiting the amount of ENA available for sellers.
What the staking means for supply
Staking locks tokens into a protocol, typically to earn rewards or help secure the network. In this case, the whale's 60 million ENA — worth millions of dollars at current prices — is now off the market. That's a deliberate reduction in circulating supply, and it often signals that a large holder expects the token's value to rise or at least hold steady.
Exchange outflows have been a persistent theme for ENA in recent weeks. Data shows tokens moving off trading platforms into private wallets or staking contracts. When supply on exchanges shrinks, the immediate sell-side pressure drops. That can create a floor under the price, especially if demand stays constant or increases.
Testing a key support level
ENA is currently hovering near a price zone that traders have identified as a major support level. Support levels are price points where buying interest historically steps in to prevent further declines. The whale's staking action adds to that buying pressure indirectly by taking tokens out of circulation.
Whether the support holds depends on broader market sentiment and whether other large holders follow the whale's lead. If more whales stake or move tokens off exchanges, the supply crunch could push ENA higher. But if the support breaks, the next floor might be lower.
What traders are watching next
The immediate question is whether the 60 million ENA staking event will be enough to reverse the recent price trend. Traders are monitoring exchange inflow and outflow data closely. A sustained outflow would reinforce the bullish case, while a sudden spike in deposits could signal that holders are preparing to sell.
No official statements have been made by the whale or by the ENA project team. The market is left to interpret the on-chain data on its own. For now, the staking and outflows have tightened supply, but the price action over the next few days will tell whether that's enough to hold the line.
