Author：Encryption Jianghu

Key Takeaways 

Why do exchange outflows matter right now?

Sustained net outflows tighten sell-side liquidity and signal accumulation, increasing the likelihood of a structural rebound as circulating supply on exchanges shrinks.

What does ENA’s current technical structure suggest?

ENA is stabilizing inside its multi-month descending channel, with RSI recovering — suggesting the early stages of a potential trend shift.

The latest on-chain flow shows aggressive accumulation pressure after an Ethena-linked wallet acquired 25M ENA worth $6.7M from Bybit.

This lifted its total holdings to 285.15M ENA, signaling deepening conviction among large stakeholders near a critical structural zone. 

At press time, Ethena [ENA] traded around $0.2624 after a 7.97% 24-hour gain, adding further weight to the accumulation narrative as buyers step in during a fragile market phase. 

Moreover, repeated purchases from this entity reflect strong confidence at depressed valuations and highlight a clear intent to accumulate strategically. 

This consistent buying pattern reinforces the expectation that larger players position for a potential structural rebound rather than short-term volatility.

ENA retests its demand zone

ENA continues to hold inside the $0.22–$0.28 demand region after months of compression within a descending channel. 

However, the response at this zone looked constructive because buyers recently achieved a clean rebound from the channel’s lower boundary, showing improving strength at a structurally important level. 

At press time, the RSI trended upward near 37, revealing early signs of momentum recovery after extended exhaustion. Furthermore, ENA’s stability above $0.25 demonstrates how this zone still provides firm support. 

If buyers maintain this traction, ENA could soon target the channel’s midline to establish a stronger technical foundation.

Exchange outflows increase

ENA recorded a – $1.85M net outflow, reinforcing a broader pattern of tokens exiting exchanges rather than entering them. 

This behavior matters because sustained outflows typically tighten sell-side liquidity and reflect growing preference for off-exchange holding. 

Additionally, the multi-week pattern of consistent negative netflows strengthens the idea that the market favors accumulation at current levels. 

Moreover, these outflows appear more meaningful when aligned with the recent whale purchase, creating a synchronized accumulation signal. 

Because exchange balances continue to shrink, the market now enters a phase where supply pressure reduces and the probability of structural rebounds increases. 

Steady CVD dominance

Taker Buy CVD displays decisive strength across its 90-day window, showing that market buys continue to outweigh sell orders throughout derivatives markets. 

This pattern becomes more interesting because it develops despite ENA’s broader downtrend, often suggesting that informed traders accumulate early. 

Additionally, the consistency of this trend indicates sellers fail to maintain meaningful control, leaving room for an upside push if momentum accelerates. 

Moreover, this dominance aligns seamlessly with whale accumulation and increasing demand-zone stability, creating a confluence of signals that often precede directional shifts. 

If buyer aggression remains steady, derivatives flow could reinforce an upcoming rebound.

Traders build positions at key levels

Open Interest has climbed 9.34% to $334.94M, signaling heightened engagement as traders expand speculative exposure near ENA’s macro support. 

This rise gains importance because expanding OI during a compression phase often precedes sharp volatility, especially when combined with strong CVD. 

Additionally, leveraged participation appears to shift toward bullish positioning, suggested by the broader buy-side dominance in derivatives activity. 

If OI continues rising from this level, ENA may soon attempt a stronger move away from the bottom of its trend channel.

To sum up, ENA now sits at a critical inflection point as whale accumulation builds, demand-zone interaction strengthens, exchange outflows rise, CVD dominance persists, and Open Interest expands. 

These aligned metrics hint at improving confidence among informed actors. If buyers maintain pressure at current levels, ENA could eventually break its descending structure and attempt a broader recovery.