Whale Transfer Sparks ENA Volatility Amid Bearish Sentiment

Ethena [ENA] has been trading at $0.295, with a recent whale transfer of 72.17 million ENA, valued at $21.45 million, deposited into Binance. This transfer, linked to Mirana Ventures, has sparked concerns about potential sell-side pressure and volatility. The wallet had previously received large ENA transfers, including a 31 million ENA batch and several 1.87 million chunks, suggesting coordinated positioning.

While whale inflows to exchanges often signal sell-side intent, they do not always trigger immediate sell-offs. The short-term price movement will largely depend on how the market digests this sudden increase in potential liquidity. On-chain metrics confirm investor weakness, with more than 56% of holders underwater and the “In the Money” metric at –43.21%. This suggests reduced holding confidence, especially among short-term participants. Whale concentration dropped by 0.03% while large transactions declined by over 7%, reflecting waning high-volume interest. Additionally, net network growth remained weak at just 0.89%, showing poor user onboarding. Collectively, these on-chain conditions highlight subdued investor sentiment, aligning with the broader price stagnation observed in recent weeks.

ENA is consolidating within a key supply zone between $0.28 and $0.31, a level that previously served as support and resistance. At the time of writing, the price was $0.295 after bouncing slightly from $0.284. The Stochastic RSI at 10.81 revealed deeply oversold conditions, which often precede short-term recoveries. However, despite the technical bounce, price action continued to respect a larger downtrend, with the $0.5028 level remaining a critical long-term resistance. Therefore, ENA needs strong momentum to break out of this consolidation range and initiate meaningful upside.

On the 6th of June, spot markets recorded $13.15 million in ENA inflows and $14.05 million in outflows, resulting in slightly negative netflow. However, the Spot Taker CVD over a 90-day window shows sustained taker-buy dominance. This means buyers continue to place aggressive market orders despite bearish sentiment. Therefore, while on-chain signals show weakness, the spot market is demonstrating signs of accumulation. This divergence between sell-side positioning and buy-side execution introduces a complex dynamic, where price direction depends on which side maintains control over the next few sessions.

Binance’s liquidation heatmap shows a cluster of short liquidations starting at $0.305 and extending to $0.325. The press time price of $0.295 was situated just below this critical zone. Therefore, any upward movement into this range could trigger a short squeeze, accelerating price gains. Conversely, the downside risk remains substantial as cumulative long liquidations pile up below $0.28. These opposing pressures set the stage for volatility. Hence, traders must watch for a breakout above $0.305 or a breakdown below $0.28 to confirm directional bias in the short term.

Although a Mirana-linked wallet deposited over $21 million worth of ENA into Binance, the market still shows signs of resilience. Buy-side dominance in the spot market remains strong, even amid exchange inflows and bearish on-chain signals. With price hovering in an oversold supply zone and liquidation pressure building above current levels, ENA could witness a sharp reaction soon. Whether bulls or bears win this battle will depend on how long taker demand can hold against institutional supply.