Ethena (ENA) Price: Mystery Whale Accumulates $4.41M as Coinbase Listing Rumors Swirl

TLDR

A whale wallet accumulated $4.41 million worth of ENA tokens from Binance and Bybit, showing growing institutional interest 93.88% of ENA holders remain underwater with unrealized losses, creating potential selling pressure during price recoveries Derivatives trading volume surged 110% to $900.84 million while open interest rose 10.66% to $430 million ENA is being considered for Coinbase listing according to their roadmap, which could trigger renewed investor interest Technical analysis shows ENA could target $0.60 if it breaks key resistance levels and forms a Golden Cross pattern

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Ethena has shown signs of life after months of decline, with recent whale activity and potential exchange listing creating renewed interest in the struggling altcoin.

Ethena (ENA) Price

A newly created multisig wallet accumulated 14.57 million ENA tokens worth $4.41 million from major exchanges Binance and Bybit. The tokens were transferred to a Gnosis Safe, suggesting long-term custody rather than short-term trading plans.

This whale accumulation comes as ENA rebounded 11.3% to $0.3379, marking one of its stronger recovery attempts in recent months. The strategic consolidation occurred during a period of heightened market caution, making the move more noteworthy.

However, the recovery faces major headwinds from existing holders. Data shows 93.88% of ENA holders remain out of the money with unrealized losses. Only 0.39% are currently in profit while 5.73% hold at breakeven.

Many investors remain trapped above the $0.35-$0.50 range. This creates a supply overhang that could limit recovery momentum if frustrated holders exit during price rallies.

Whale Activity Shows Mixed Signals

Large holder netflows present a contradictory picture for ENA’s prospects. The metric rose an explosive 10,659% over the past thirty days, showing massive accumulation in May.

Source: IntoTheBlock

Yet in just the last seven days, the trend reversed sharply, crashing by 1,982%. This dramatic shift highlights volatility in whale behavior and inconsistent confidence in price direction.

While the 90-day change remains strong at 430%, the recent drop suggests caution among major holders. Without resumed whale accumulation, ENA could struggle to attract fresh liquidity.

The derivatives market shows increased activity with trading volume surging 110.53% to $900.84 million. Open interest rose 10.66% to $430 million, suggesting heightened trader engagement after the price bounce.

Liquidation data reveals $245.23K in short positions were wiped compared to $136.35K in longs. This indicates short squeezes partially fueled the rebound, though the spread isn’t wide enough to confirm strong bullish conviction.

Source: Coinglass

Coinbase Listing Consideration Provides Hope

ENA’s inclusion on the Coinbase roadmap represents a potential catalyst for renewed interest. While listing isn’t guaranteed, consideration by a major exchange could spark institutional and retail demand.

The Global In/Out of Money data identifies a critical resistance zone between $0.356 and $0.375 where over 6.29 billion ENA were purchased. Holders in this range may look to sell at their cost basis, creating downward pressure.

Long-term holders continue showing faith in ENA’s recovery prospects. The Market Capitalization Accumulation indicator suggests these holders aren’t rushing to sell despite recent challenges.

This creates stability for ENA as long-term holder support provides a price floor. Their reluctance to sell offers a buffer during recovery attempts.

Currently trading at $0.33, ENA has gained 10% over four days but remains far from recovering earlier losses. Technical analysis shows the altcoin respecting its broader consolidation range, bouncing from support near $0.25.

Source: TradingView

If ENA flips the $0.32 level into support, it could target $0.43 as the next resistance point. A successful Coinbase listing could potentially trigger a Golden Cross formation, where the 50-day moving average crosses above the 200-day average.

This technical pattern could push ENA toward $0.60, marking the first Golden Cross of 2025. However, this depends on sustained buying interest and positive market conditions without heavy selling pressure from underwater holders.

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