- Ethena (ENA) is testing critical support at $0.085.
- A 290M ENA wallet transfer raised selling concerns.
- Bitcoin’s next move could determine ENA’s direction.
Ethena is back in focus after a large wallet transfer drew attention at a time when the token is already testing a crucial price level.
While the transfer sparked concerns about potential selling pressure, the broader market reaction has remained measured.
ENA tests key support as whale transfer attracts attention
Ethena was trading at $0.08695, down 2.4% over the past 24 hours, after moving between $0.08530 and $0.09125 during the session.
Although the daily decline has put pressure on the token, ENA is still up 8.3% over the past seven days and 11.1% over the last two weeks, showing that it has recovered part of the losses recorded earlier this year.
The latest market attention came after a wallet linked to Ethena’s Coinbase custody holdings transferred approximately 290 million ENA, valued at about $26.4 million, to another wallet that has previously interacted with cryptocurrency exchanges.
Today, Ethena’s Coinbase custody wallet (0x631) transferred 290m $ENA, worth $26.41m, to the personal wallet 0xfDD.
Based on its transaction history, wallet 0xfDD typically transfers ENA to personal wallets, which are then used to sell the tokens on Binance and Coinbase.… https://t.co/CkCGU73kLv pic.twitter.com/jkB8dFUNEG
— Nazoku (@Nazo_ku) July 23, 2026
Transactions of this size often raise concerns because they can precede exchange deposits and increased selling activity.
However, the transfer alone did not trigger an immediate wave of selling.
Market data showed that exchange netflows remained negative, meaning more ENA continued leaving exchanges than entering them. That suggests the transaction has not yet translated into confirmed selling pressure in the spot market.
The transfer has therefore become an important signal for traders rather than confirmation of a bearish trend.
Focus is now on whether additional transfers to centralised exchanges follow in the coming sessions.
Falling trading volume points to weak selling conviction
Another notable development is the decline in trading activity.
ENA recorded approximately $89.4 million in 24-hour trading volume, while recent market data showed that daily trading activity had dropped by more than 40% compared with previous sessions.
Lower trading volume during a price decline often indicates that sellers are becoming less aggressive rather than accelerating their positions.
While this does not guarantee a reversal, it also means the recent weakness has not been accompanied by unusually strong conviction from the market.
The token’s historical price action also provides additional context.
ENA reached an all-time high of $1.52 in April 2024 but currently trades about 94.3% below that level.
At the same time, it remains roughly 23.4% above its all-time low of $0.07023, recorded on June 30, 2026.
These figures highlight that ENA continues to trade much closer to its recent lows than its previous peak, making current support levels particularly significant for short-term price direction.
$0.085 remains the level traders are watching
From a technical perspective, $0.085 has emerged as the most important near-term support level.
A sustained move below this area, especially if accompanied by rising trading volume, would increase the likelihood of a decline toward the next major support around $0.080.
On the upside, resistance is beginning to form between $0.093 and $0.096.
Price data also shows a concentration of short liquidation levels just above $0.093, meaning a successful breakout through that region could trigger additional buying as short positions are forced to close.
For now, ENA remains caught between these two key technical zones, leaving traders focused on confirmation rather than anticipation.
Bitcoin’s next move could shape ENA’s direction
Beyond token-specific developments, Bitcoin continues to play an important role in ENA’s short-term outlook.
Market participants are watching whether Bitcoin can remain above $64,000, as broader weakness in the largest cryptocurrency has weighed on sentiment across the digital asset market.
If Bitcoin stabilises, buying interest could return to several altcoins, including ENA.
Conversely, continued weakness in Bitcoin would increase pressure on support levels that are already being tested.
That makes Bitcoin’s price movements an important external factor alongside the developments surrounding the large ENA wallet transfer.
Ethena also continues to maintain strong protocol activity, with approximately $3.992 billion in total value locked (TVL).
While TVL reflects ongoing capital committed to the protocol, traders are currently placing greater emphasis on price action, exchange flows, trading volume, and macro market conditions when assessing ENA’s next move.
For now, attention remains fixed on three developments: whether the $0.085 support can hold, whether the 290 million ENA wallet transfer eventually results in meaningful exchange deposits, and whether Bitcoin can provide enough market stability to support a broader recovery.