The Ethena Coin price slipped toward the $0.25 handle on Sunday after a wave of whale activity, led by former BitMEX CEO Arthur Hayes, hit the market at the worst possible moment.
ENA has already been under pressure for weeks, but the sudden transfer of more than 2.62 million tokens to an exchange acted as an accelerant, pushing sentiment deeper into risk-off territory.
For now, traders watching the Ethena crypto chart say the asset is sitting right at the same weekly demand zone that marked the macro bottom of its previous rally. Whether that holds will dictate the next leg.
Market Pullback Deepens as ENA Revisits Weekly Support
The Ethena coin price has dropped nearly 9% over the last 24 hours to around $0.257 on CoinMarketCap, with Ethena TradingView data confirming a steady intraday bleed.
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The token is now down more than 19% on the week and roughly 35% over the past month, extending a larger downtrend that’s erased over 70% of its year-to-date gains.
The pressure isn’t coming from thin air. The Ethena Network continues to post one of the highest TVLs in DeFi, more than $8.14 billion, yet inflows have slowed sharply.
Data from DeFiLlama shows Ethena TVL has cooled from its peak earlier in the year, mirroring a broader rotation out of speculative yield strategies as the market braces for tighter liquidity conditions.
Whale Selling Puts Pressure on Ethena Coin Price
Hayes’ wallet movements became the focal point of the selloff. According to LookOnChain, he moved 520 ETH, 2.62M ENA, and 132,730 ETHFI to FalconX and Wintermute over a seven-hour window.
On paper, that’s routine portfolio management; in practice, Hayes is one of the few figures whose on-chain moves regularly spook traders.
Notably, roughly 78% of ENA’s supply is still concentrated in whale wallets. If their behavior starts to align, support levels become suggestions.
Technical analysts aren’t offering much comfort either. ENA is now retesting the same demand zone that marked its last major cycle bottom.
As trader ElonTrades noted, the weekly RSI is nearing oversold, but still pointing downward, and the Ethena price continues to drift below the 50-week EMA, a sign that momentum hasn’t finished unwinding.
His key levels are $0.25 as the first support and $0.21–$0.20 as the deeper accumulation zone. A break below $0.18, he says, would confirm a full trend breakdown into markdown territory. That aligns with Ethena TradingView indicators, which currently flash a broad “strong sell” across moving averages.
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