ENA Whale Capitulates After 81% Loss as $16.8M Hits Coinbase Prime

Ethena’s ENA price was under renewed selling pressure after a huge whale moved funds to Coinbase Prime. The transfer resulted in heavy losses and reinforced the bearish market structure. On-chain data and price action would now indicate ENA may be entering a long compression phase.

ENA Whale Surrenders After 81% Loss as $16.8M

On-chain trackers revealed wallet 0x72F8 for a massive deposit of ENA. The wallet sent 16.86 million ENA to Coinbase Prime in one transaction. At current prices, the deposit was worth about $3.5 million.

Historical records show the wallet accumulated ENA about a year ago. The average purchase price was nearly $1.10 per token. The total cost basis for the position achieved was approximately $18.53 million.

Based on the current valuation, the loss realized is over $15 million. This is an estimated drawdown of over 81%. Such exits typically convey surrender instead of ordinary portfolio adjustment.

Large holders will usually distribute in times of strength or rising liquidity. This transfer took place near cycle lows, not during recovery attempts. That timing highlights a breakdown in long-term conviction.

Second Whale Signals Reinforce Distribution Trend

Additional data confirmed similar behavior from other ENA-linked wallets. Several addresses on which ENA accumulated during previous phases reduced exposure. Most transfers went straight to centralized exchange destinations.

The pattern implies concerted distribution rather than isolated activity. Whales seem reluctant to wait for a rebound in price. Instead, they are focusing on capital preservation.

This behavior aligns with the prevailing market sentiment. ENA has failed to draw strong spot demand during recent pullbacks. There is still a thinness of liquidity on the buy side at major trading venues.

When whales exit near lows, this often alters the market structure. Long-term supply shifts to short-term holders. That transition makes the trade more volatile and support zones less strong.

Analysts monitoring wallet age metrics point out declining holder confidence. Coins held for extended periods are entering circulation. This shift is usually followed by extended periods of consolidation.

ENA Price Structure Demonstrates No Trend Reversal

ENA price is still trading around $0.20, very close to historical lows. The daily chart revealed persistent lows in high and failed rebounds. Price is still trading below all major daily moving averages.

According to Wallah Habebe, former support between $0.40 and $0.60 has turned

into resistance. Each recovery effort has stalled below those levels. This confirms a prevailing bearish trend structure.

Momentum indicators keep turning from neutral to bearish. The RSI hasn’t gone too far oversold on the higher timeframes. This minimizes the chances of sharp reflex rallies.

From a technical point of view, ENA does not have any clear demand zones below current levels. Thin liquidity pockets prevail in the downside structure. Price can move fast in case of support failure.

Market Apathy Replaces Fear as Liquidity Thins

Current market behavior is a sign of apathy rather than panic. Sellers are there, but buyers are rather inactive. This dynamic is often the defining feature of late-stage downtrends.

Open interest data does reflect this view. Derivatives participation is muted even on major platforms. Funding rates are also an indication of neutral market positioning.

Such conditions often result in slow grinding price action. Sharp crashes become less likely when leverage is not built up. Instead, price compresses while sentiment fades.

Historically, recovery phases begin with a prolonged accumulation. These phases include low volatility and poor participation. ENA is moving to that environment.

Key levels now guide overall market focus, with the $0.18–$0.20 zone acting as immediate structural support. A confirmed breakdown below this range would alter medium-term risk expectations and shift the broader price outlook.

On the upside, ENA price must reclaim the $0.30 level with strong trading volume to confirm a shift in momentum. Without such a move, any upside attempts are likely to remain corrective rather than trend-changing. For now, the market appears to be defined more by time-based consolidation than by directional momentum.