Ethena Labs has aggressively accumulated ENA tokens amid broader market buyback campaigns. The team purchased an additional 25 million ENA tokens, worth $7.05 million, from Bybit. After this purchase, the wallet held 779.89 million ENA, worth $207.7 million. Additionally, StablecoinX Inc, associated with Ethena Labs, holds 2.146 billion ENA worth $582.35 million, with an unrealized profit of $57.8 million. This accumulation indicates ongoing confidence from the team and has reduced immediate supply on exchanges, which may support price strength as demand increases.
### Supply Changes and Exchange Activity
ENA supplies on exchanges have been curtailed, as evidenced by ongoing outflows. Net spot trading flows from CoinGlass showed only one positive reading over the past ten days, with the latest figure at -$444.6 thousand, an improvement from -$2.23 million the previous day. Historically, net outflows have coincided with accumulation phases that support price strength later. This contraction in exchange supplies, alongside team purchases, suggests a setup that may benefit price stability.
### Whale Activity and Demand
Whale investors have shown sustained demand for ENA. Real-time average demand volume data from CryptoQuant indicated large recurring whale orders over the past week, as whales accumulated rather than distributed. Nansen's data revealed that the balance change for top ENA holders remained positive for five consecutive days, indicating that top holders bought more ENA than they sold. During this period, top holders purchased 774.81 million ENA tokens, indicating strong demand from the group.
### Price Impact and Technical Analysis
Accumulation has positively impacted the price of ENA. After holding the support level at $0.255, ENA reached a local high of $0.28 before a slight decline. At the time of publication, ENA is trading at $0.27, up 8.69% on the daily charts, indicating strong bullish momentum. The zero-crossing relative strength index has made a bullish cross to -0.0096, although it remains in negative territory, suggesting that bulls are gaining control and market momentum is strengthening. The Parabolic SAR support is near $0.2423, which is considered the next key bearish level.
### Conditions for a $0.30 Retest
A retest of $0.30 is possible if buyers maintain momentum. However, a slowdown in buying pressure may push the price towards the Parabolic SAR support at $0.2423 instead.
### Summary
The structure of ENA now reflects ongoing interest from whales and reduced exchange supplies, both factors that are often significant in volatile markets. Traders will watch whether this accumulation phase represents a turning point or just a temporary pause.$ENA
