Ethena is stuck. Whales are buying, the price won't move, and the $0.
The flat OBV and the weak exchange netflows underlined feeble demand for Ethena.
A wallet attributed to the firm Amber Group withdrew 38.89 million ENA tokens, valued at $3.58 million, from the Binance platform in the early days of August 2026. Net inflow to exchange platforms maintained an estimated positive balance of $325,000 for three consecutive days through August 7, 2026.
One large wallet bought ENA, but the rest of the market had yet to follow.
Whale staking tightened ENA's liquid supply, but price still needs buyers above $0.09.
Here's why whale positioning may not fuel Ethena's price higher.
Ethena soared 12% to $0.0886, topping gainers, while Audiera plunged 19% to $3.77.
ENA tests major support after a 60 million token staking event while exchange outflows continue limiting sell-side pressure.
Whales accumulated over 102 million ENA as exchange outflows persisted.
Ethena's reliance on favorable funding rates highlights the volatility and risk in synthetic dollar protocols, impacting long-term investor confidence. Ethena generates over $750M in rewards since launch, but supply tells a different story.
Ethena's $26.4M ENA transfer sparked selling concerns as buyers challenged its key resistance.
Ethena has rallied 13% since Monday, and could rise by another 25% if the bulls have their way.