ENA’s Wild Ride: 140M Tokens Vanish in 4 Days! 🚀💰

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TL;DR

  • 140 million ENA tokens vanished like a ghost in four days, all while the price took a nosedive below $0.65.
  • A trader faced a whopping $1.85M loss on their ENA bet and had to cough up $1.7M USDC to stay afloat.
  • ENA is teetering on the edge of a critical support zone, where bulls are hoping for a miraculous bounce.

Well, here we are again, folks, in the wild world of cryptocurrencies, where 140 million Ethena (ENA) tokens decided to take a little vacation from the exchanges over a four-day span. According to the keen-eyed analyst Ali Martinez, the exchange supply plummeted from 1.3 billion to 1.16 billion ENA between August 17 and August 21, 2025. The chart, as clear as a Mississippi morning, confirmed the steady exodus of these digital tokens.

140 million Ethena $ENA withdrawn from exchanges in the last 96 hours!

– Ali (@ali_charts) August 22, 2025

Now, you might think this mass exodus would give the price a little lift, but no such luck. The ENA price, stubborn as a mule, slid from above $0.80 to around $0.64. This kind of withdrawal usually suggests fewer sellers, but the price kept dropping, pointing to either a lack of buyers or some sneaky off-exchange trading. As of the latest ticker, ENA was trading at $0.65, having barely managed a 0.55% rise over the past 24 hours, with a total volume of $442 million. Over the last week, though, the poor thing has lost over 10%, a clear sign of market malaise.

Adding to the drama, the tracker Lookonchain reported that a trader known only as 0x2611 is down more than $1.85 million on their long ENA position. To avoid being washed away in the tide of losses, they threw another 1.7 million USDC into the pot at Hyperliquid, hoping to stave off the inevitable.

Technical Support Level Under Watch

The technical trader Altcoin Sherpa posted a chart showing ENA hovering around a cluster of critical indicators. It’s currently dancing near the 200-day EMA at $0.62, the 0.382 Fibonacci retracement at $0.61, and an old resistance level from late July. This convergence suggests a potential support zone, where the bulls might just find the courage to make a stand.

If this support holds, we might see some buyers step in and give ENA a much-needed boost. But if it fails, well, it’s a long way down to the next Fibonacci level around $0.53. Buckle up, folks, it’s going to be a bumpy ride.

Protocol Update and Long-Term View

Ethena Labs, ever the optimists, shared some bright spots in the gloom. Their USDe protocol has raked in over $500 million in total revenue to date, with weekly protocol revenue hitting $13.4 million. The USDe supply reached a record high of $11.7 billion, a testament to the growing popularity of synthetic stablecoins.

But let’s not get too comfy. Altcoinpedia, the long-term seers, predict a possible dip toward $0.50. If ENA can hold there, a bounce back to $1.10 might be in the cards. And if it breaks through that level, who knows? Maybe we’ll see it soar to heights between $2 and $5. Only time will tell, and in the meantime, we’ll keep our fingers crossed and our wallets ready.

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2025-08-22 10:38