Ethena: What’s next after 8% ENA supply shifts to a single address?

Key Takeaways

Ethena appeared to be in the middle of a bullish retest, which could open a new front for its price. A new wallet made an 8% withdrawal as whale stack leveraged orders. Will this fuel the ongoing ENA rally?

Ethena [ENA] was down barely 1% in the last 24 hours but was up 22% in a week, as per CoinMarketCap. The daily trading volume had surged over 45%.

According to Ali Charts on X (formerly Twitter), the altcoin was in the middle of a retest at the $0.43 level after a spike above $0.54.

The $0.43 level coincided with the 0.618 Fibonacci Retracement level, with Ali’s target sitting at above the $1. However, it is still uncertain if the target can be hit.

Will ENA breakout hold?

Ethena price chart started to rise since the potential end of crypto bear markets in early April and getting into May and June. ENA rejected the $0.25 level more than five times, with the range’s top standing at $0.45.

The month of July has seen a 74% surge in only three weeks where ENA broke above the sideways consolidation. At the time of writing, price was retesting the breakout level.

Source: TradingView

With the current sentiment in the crypto markets despite a spike in liquidations in the last 24 hours, ENA could rally higher. A successful retest could take ENA to $0.70.

Alternatively, ENA could break back into the range and how long it stays here could define its trajectory. If prices overstays, the structure could be written off.

Coinbase custody wallet moving tokens

The current bull market sentiment has been fueled further by the activity of a new wallet. As per EtherScan data, the wallet withdrew 1.23 billion ENA worth $567M from Coinbase Prime custody.

With only two deposits, the 10 ENA transfer was used as a test transaction. The wallet became the fourth-largest ENA holder, owning about 8.21% of the total supply.

The transfer suggested silent positioning similar to the one in April and May dips. What followed was a rally that led to the current breakout. The withdrawal hinted that the current rally is yet to be over.

Source: EtherScan

However, a derivative whale was going short on a couple of tokens, with his ENA order having a 5X leverage similar to that of Litecoin [LTC].

The total whale deposit into Hyperliquid stood at $7.51 million, as per OnChain Lens.

Positive signs from income statement

Worth noting was the income statement for Ethena which was in the green area. However, ENA’s 2024 gains were seven times better compared to the 2025 ones, which only surpassed $1M in the first quarter.

Source: DefiLlama

Gauging the income statement, it clearly showed a decrease in earnings. This reflected that users were potentially reducing their holdings, leading to this decline in fees generated.