Whales appear to be treating the current price levels of Ethena $ENA as a potential floor. While retail sentiment has been shaky recently, on-chain data shows significant accumulation by institutional-sized wallets.
Here is the current breakdown of what "whales" are doing with ENA:
Whale Activity & Accumulation
Recent on-chain trackers (as of late April 2026) show a notable shift in large-wallet behavior:
Net Inflows: Top holder addresses have recently accumulated roughly 118 million ENA, while selling only about 96 million. This indicates a positive balance change, suggesting that big players are "buying the dip" while retail traders offload tokens.
The "Bottom" Narrative: Many analysts interpret this concentrated buying as a sign that whales believe the downside risk is limited. By absorbing selling pressure near the $0.10 - $0.12 range, they are essentially building a support foundation.
ENA
0.0897
-1.42%