Author：Encryption Jianghu

Ethena [ENA] has traded within a thin margin since bouncing back from a $0.23 dip. Over this period, the altcoin has remained stuck in the $0.27 –$0.29 range.

In fact, at press time, ENA was trading at $0.28, up 0.36% on the daily charts. The current price consolidation has created an accumulation window, especially for whales. 

Ethena whales are aggressively accumulating

Over the past four days, Ethena whales have deployed significant capital to accumulate the altcoin. Spot Average Order Size data from CryptoQuant showed large whale orders over the past week. 

These whale orders jumped significantly after ENA surged to a local high of $0.29. Usually, when the spot market records whale orders, it signals increased whale participation, whether buying or selling. 

Interestingly, Spot Taker CVD shows that these whales have been buying for the past four days. As a result, this metric showed buyer dominance for four consecutive days. 

Whale buys 17.76 million ENA

Lookonchain recently flagged a major whale transaction. The on‑chain monitor reported that the whale withdrew 13.11 million USDC from Binance and Bybit.

Soon after, 6.6 million USDC was deposited into Hyperliquid to purchase ENA. Of that amount, 5.1 million USDC has already been spent, resulting in the acquisition of 17.76 million ENA.

The whale still holds 6.51 million USDC, suggesting more buying could follow.

Exchange data supports this accumulation trend. CoinGlass shows Ethena’s Spot Netflow has stayed negative for four straight days, aligning with the whale’s activity.

At the time of writing, Netflow was -$1.13 million, signalling higher outflows, a clear sign of aggressive spot accumulation.

When whales turn to accumulation during a period of tight consolidation, it signals confidence as they anticipate further gains. 

Significantly, the period of heavy whale accumulation within a tight consolidation range often precedes strong upside moves.

Can this boost ENA?

Notably, despite increased whale demand, Ethena’s upward momentum remained weak. As such, the markets are yet to feel the rising whale demand, with bears still roaming through the market.

At press time, Ethena was trading below both the MA50 and MA200, indicating that buyers have yet to regain control of the market.

The market situation is further evidenced by the DMI Stochastic Momentum Index, which has remained negative but has been rising.

These market conditions signal a strong bearish trend, with every attempt at a breakout being sold into. Therefore, if these conditions persist, ENA could drop to $0.23 and attempt another leg up.

However, if the whale accumulation impact is finally felt, Ethena will reclaim $0.30 and target the MA50 at $0.36.

Final Thoughts

• Ethena whale withdrew $13.11 million and spent $5.1 million to buy 17.76 million. 
• ENA’s momentum remains weak, with bears still in control of the market, risking a dip to $0.23.