Ethena: What’s next after 8% ENA supply shifts to a single address?
Key Takeaways
Ethena seemed to be in the course of a bullish retest, which may open a brand new entrance for its worth. A brand new pockets made an 8% withdrawal as whale stack leveraged orders. Will this gas the continued ENA rally?
Ethena [ENA] was down barely 1% within the final 24 hours however was up 22% in per week, as per CoinMarketCap. The day by day buying and selling quantity had surged over 45%.
In response to Ali Charts on X (previously Twitter), the altcoin was in the course of a retest on the $0.43 degree after a spike above $0.54.
The $0.43 degree coincided with the 0.618 Fibonacci Retracement degree, with Ali’s goal sitting at above the $1. Nonetheless, it’s nonetheless unsure if the goal will be hit.
Will ENA breakout maintain?
Ethena worth chart began to rise for the reason that potential finish of crypto bear markets in early April and stepping into Might and June. ENA rejected the $0.25 degree greater than 5 occasions, with the vary’s prime standing at $0.45.
The month of July has seen a 74% surge in solely three weeks the place ENA broke above the sideways consolidation. On the time of writing, worth was retesting the breakout degree.
Supply: TradingView
With the present sentiment within the crypto markets regardless of a spike in liquidations within the final 24 hours, ENA may rally increased. A profitable retest may take ENA to $0.70.
Alternatively, ENA may break again into the vary and the way lengthy it stays right here may outline its trajectory. If costs overstays, the construction may very well be written off.
Coinbase custody pockets shifting tokens
The present bull market sentiment has been fueled additional by the exercise of a brand new pockets. As per EtherScan data, the pockets withdrew 1.23 billion ENA price $567M from Coinbase Prime custody.
With solely two deposits, the ten ENA switch was used as a check transaction. The pockets turned the fourth-largest ENA holder, proudly owning about 8.21% of the whole provide.
The switch advised silent positioning much like the one in April and Might dips. What adopted was a rally that led to the present breakout. The withdrawal hinted that the present rally is but to be over.
Supply: EtherScan
Nonetheless, a spinoff whale was going brief on a few tokens, along with his ENA order having a 5X leverage much like that of Litecoin [LTC].
The entire whale deposit into Hyperliquid stood at $7.51 million, as per OnChain Lens.
Constructive indicators from revenue assertion
Price noting was the revenue assertion for Ethena which was within the inexperienced space. Nonetheless, ENA’s 2024 positive aspects had been seven occasions higher in comparison with the 2025 ones, which solely surpassed $1M within the first quarter.
Supply: DefiLlama
Gauging the revenue assertion, it clearly confirmed a lower in earnings. This mirrored that customers had been probably lowering their holdings, resulting in this decline in charges generated.
