The post Why Ethena risks $0.13 drop despite 118M ENA whale buys appeared on BitcoinEthereumNews.com.

Ethena [ENA] has faced massive downside pressure, dropping to levels last witnessed during the market crash on the 10th of October. In fact, after being rejected at $0.25, the altcoin dipped to $0.17, reflecting intense downside pressure. At press time, ENA traded at $0.17, down 20% on weekly charts, extending its month-long downtrend. With ENA trading at its recent low, investors, especially whales, have stepped in and bought the dip. Ethena whales renew interest in ENA In a major shift in whale behavior, ENA has recorded significant capital flows from the group. As such, whale demand has rebounded to early January levels, when ENA traded around $0.25.  According to Nansen data, Top Holder Addresses bought 118 million ENA tokens worth $20 million. At the same time, these addresses offloaded 96 million ENA valued approxiamately $16.3 million.  Source: Nansen As a result, the Whale Balance Change held a positive region for two consecutive days, rising to 103 million ENA. With the balances remaining positive for consecutive days, it signalled increased accumulation by large holders.  The Whale Buy Activity metric confirmed this shift in demand. Whale Buy Volume climbed to 37 million, while average buy volume reached 42 million at the time of writing, signaling strong investor interest. Source: TradingView Interestingly, on-chain monitors observed one such whale activity. According to Lookonchain, a whale withdrew 10 million ENA worth $1.75 million from Bybit and staked it. This whale acquired these tokens and staked for yield as a defensive mechanism against the weak market structure. This shift suggests that whales now believe ENA has reached the bottom, and the downside is unlikely to continue.  Retailers remain bearish While whales have stepped in to defend Ethena from further downside, retail investors have continued to offload at every opportunity. According to CoinGlass, Exchange Inflows have outpaced Outflows for…

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Filed under: News - @ January 24, 2026 2:21 am