Ethena Labs, the team behind the ENA token, has executed a significant transfer of 18.36 million ENA tokens (worth approximately $3.75 million) to the Bybit exchange. According to on-chain data from Nansen.ai and reported by Onchain Lens, the tokens were moved from the project's multisig wallet to a Bybit deposit address. This move is described as part of the protocol's active treasury management strategy, aimed at balancing decentralized liquidity with centralized exchange operations.
Despite this transfer, Ethena Labs reportedly maintains a strong liquidity position, still holding roughly 20.18 million ENA (valued at $4.23 million) in a liquidity pool. This activity follows a previous transaction from two years ago where the team withdrew 34.65 million ENA (worth $28.25 million at the time) from Gate.io and received an additional 3.38 million ENA ($1.32 million) in staking rewards.
Concurrently, the ENA token is undergoing a critical technical test, trading near the historically significant $0.20 demand zone. Analysis from Ali Charts indicates this zone has previously acted as a springboard for major rallies, with one prior visit preceding a 540% price advance. The current price action shows controlled distribution, with repeated failures near the $0.223–$0.225 resistance area and the formation of lower highs.
Derivatives data reinforces a bearish market posture. Volume-weighted funding rates for ENA have remained predominantly negative since mid-September, indicating sustained short exposure. While funding has recently compressed toward neutral levels—suggesting downside momentum may be losing efficiency—analysts note that until funding turns positive and holds, any upside moves are likely to be corrective in nature. The $0.210–$0.212 area is seen as a final support shelf before a deeper test of the $0.20 psychological level.
