Over a critical four-day span from August 17 to August 21, 2025, 140 million ENA tokens were withdrawn from exchanges, reducing the available supply from 1.3 billion to 1.16 billion. This substantial outflow, highlighted by analyst Ali Martinez, signals a potential shift toward long-term holding among large investors, typically reducing immediate sell-side pressure.
Despite the withdrawals, ENA's price declined from above $0.80 to around $0.64, reflecting ongoing market weakness. The token saw a slight 0.55% rebound in 24 hours to $0.65, but remains down over 10% weekly. Technical analysis reveals ENA is testing a crucial support confluence near the $0.61–$0.62 zone, encompassing the 200-day EMA and the 0.382 Fibonacci retracement level. A developing cup-and-handle pattern suggests bullish potential if resistance at $0.79–$0.86 is breached, targeting $0.96 or higher. Failure to hold $0.62 risks a drop toward $0.53 or even $0.50.
On-chain metrics show mixed signals: daily active addresses are rising, indicating underlying network demand, while social dominance spiked to 0.22%, reflecting growing speculative interest. However, one trader faced $1.85M in losses on a long position, adding $1.7M USDC to avoid liquidation. Fundamentally, Ethena Labs reported strong protocol performance with $500M+ total revenue and USDe supply hitting a record $11.7B.