-7.31% for Ethena as $250 million USDC outflow hits Ethena wallet

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Ethena drops 7.31% today to $0.0815

Highlights

BitMEX co-founder Arthur Hayes' sale of 54.65 million ENA tokens via OTC to Galaxy Digital increases available supply and short-term uncertainty.
Coinbase Ventures made its first public ENA purchase as USDe support debuts on Base, alongside a recorded $250 million USDC withdrawal from Ethena wallets.
ENA/USD trades decisively below key moving averages, with technical indicators reinforcing a high probability of further declines toward the $0.0733–$0.0993 range.

Insider liquidation and institutional flows drive sentiment volatility

Arthur Hayes, BitMEX co-founder, sold his entire ENA holdings via an OTC deal, moving 54.65 million tokens to Galaxy Digital. This large-scale insider transaction increased available supply and introduced uncertainty for near-term sentiment. Additional institutional activity was recorded as Coinbase Ventures made its first public purchase of ENA and began supporting USDe integration on Base, with Whale Alert also documenting a $250 million USDC outflow from Ethena wallets.

Bearish signals build as ENA trades below critical technical levels

On the technical front, ENA/USD is positioned below the MA-20, MA-50, and the longer-term MA-200 on the H1 timeframe; the Ichimoku Kijun level at $0.0852 presently marks key resistance. Oscillators reflect prevailing bearish pressure, as MACD, AO, RSI (35.677), and CCI all signal Sell, while ADX indicates an absence of strong directional trend. The Stoch RSI reading is Neutral, lacking a clear overbought or oversold indication, whereas BBP continues to indicate seller dominance and intraday volatility remains elevated.

Volatility persists as breakout odds diminish amid selling pressure

Short-term trading is expected to remain volatile, with ENA likely to fluctuate within a $0.0733 to $0.0993 range over the next 2–3 days. A decisive move above the $0.0852 resistance could open the way for a test of the upper end of this volatility band, whereas a breakdown below support may trigger renewed downside momentum toward the lower boundary. The likelihood of an upward breakout appears low in the current environment, with sellers maintaining momentum.

Anton Kharitonov, analyst at Traders Union, views the recent insider and institutional activity in ENA as a clear source of short-term uncertainty. He believes technicals remain firmly bearish, with sellers dominating while key resistance at $0.0852 stays intact. Near-term volatility persists, and further downside risk cannot be ruled out. "Until ENA reclaims the $0.0852 level, I remain highly cautious and see no compelling reason to chase the upside here."

Earlier, analysts noted that despite ecosystem expansion and new integrations, Ethena was contending with persistent bearish momentum and elevated volatility. The current environment, marked by large-scale insider transactions and continued downside pressure, underscores the importance of monitoring liquidity events as key drivers for any potential shift in short-term sentiment.

Source of Data: ENA Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.