Ethena stuck at $0.295 as whale transfer sparks volatility fears – What’s next?

• Whale inflow of $21.45M to Binance challenges ENA’s price stability amid bearish metrics.
• Spot taker-buy dominance and oversold RSI suggest potential for bullish price reaction.

A wallet linked to Mirana Ventures has deposited 72.17 million Ethena [ENA]—valued at $21.45 million—into Binance, raising speculation of an imminent distribution. 

The address previously received large ENA transfers from the Ethena proxy, including a 31 million ENA batch and several 1.87 million chunks.

These transfers clustered closely before the Binance deposit, hinting at coordinated positioning. 

While such whale inflows to exchanges often signal sell-side intent, they do not always trigger immediate sell-offs. 

Therefore, the short-term price movement will largely depend on how the market digests this sudden increase in potential liquidity.

On-chain metrics confirming investor weakness?

On-chain indicators remained fully bearish across Ethena’s core metrics. More than 56% of holders were underwater at press time, as the “In the Money” metric sat at –43.21%.

This suggested reduced holding confidence, especially among short-term participants. 

Meanwhile, 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.

Source: IntoTheBlock

A turning point for ENA?

ENA was 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.

Source: TradingView

Can buy-side pressure overcome bearish flows?

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.

Source: CoinGlass

Will leveraged shorts face pressure above $0.30?

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.

Source: Coinglass

Can ENA buyers reclaim momentum?

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.