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TL;DR
- 140 million $ENA tokens were withdrawn in four days as the price continued sliding below $0.65.
- Trader faces $1.85M loss on $ENA long; adds $1.7M $USDC to avoid liquidation.
- $ENA tests key support near 200 EMA and Fibonacci zone, with bulls eyeing possible bounce.
140 Million $ENA Removed From Exchanges
Over a four-day span, 140 million Ethena ($ENA) tokens were taken out of exchanges. The data, shared by analyst Ali Martinez, shows a drop in exchange supply from 1.3 billion to 1.16 billion $ENA between August 17 and August 21, 2025. The chart used confirms the steady outflow over that time.
140 million Ethena $ENA withdrawn from exchanges in the last 96 hours! pic.twitter.com/hGaO0ESDT0
— Ali (@ali_charts) August 22, 2025
Despite these withdrawals, the $ENA price fell from above $0.80 to around $0.64. Withdrawals of this scale often suggest reduced sell-side pressure. However, the continued price drop points to weak demand or possible off-exchange trading activity.
As of press time, $ENA traded at $0.65. Over the past 24 hours, it has seen a slight rise of 0.55%, with a total volume of $442 million. Over the last week, however, the token has fallen by over 10%, showing ongoing market weakness.
In a related update, tracking account Lookonchain reported that a trader identified as 0x2611 is facing more than $1.85 million in losses on a long $ENA position. To avoid liquidation, they added 1.7 million $USDC into Hyperliquid earlier today.
Technical Support Level Under Watch
Technical trader Altcoin Sherpa posted a chart showing $ENA trading around a confluence of key indicators. The recent price area is close to the 200-day EMA at $0.62, the 0.382 Fibonacci retracement at $0.61, and an older resistance level in late July. The coincidence of these factors indicates a potential support zone.
Meanwhile, the asset is reacting around this area, which could serve as a decision point. If the support holds, buyers may step in. If it fails, further downside toward the next Fibonacci level around $0.53 could follow.
Protocol Update and Long-Term View
Ethena Labs shared recent performance data for its $USDe protocol. Over $500 million in total revenue has been generated to date. Weekly protocol revenue hit $13.4 million, and $USDe supply reached a record high of $11.7 billion, reflecting increased adoption of synthetic stablecoins.
Long-term analysis from Altcoinpedia points to a possible downside toward $0.50. If the price holds there, a bounce toward $1.10 may follow. A move above that level could bring higher targets in the $2–$5 range.