- Ethena (ENA) is testing the crucial support at $0.085.
- ENA’s 290 million portfolio transfer sparked sell-off concerns.
- Bitcoin’s next move may determine the direction of the ENA.
Ethena returned to the spotlight after a large wallet transfer caught attention at a time when the token was already testing a crucial price level.
While the move raised concerns about potential selling pressure, the broader market reaction remained measured.
ENA tests key support as whale relocation attracts attention
Ethena was trading at US$0.08695, down 2.4% over the past 24 hours, having moved between US$0.08530 and US$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 past two weeks, showing that it has recovered a portion of the losses recorded earlier this year.
The latest market interest came after a wallet linked to Ethena’s Coinbase custody holdings transferred approximately 290 million ENA, worth about $26.4 million, to another wallet that had previously interacted with cryptocurrency exchanges.
Today, Ethena’s Coinbase wallet (0x631) has transferred 290 million $thisWith a value of $26.41 million for the personal wallet 0xfDD.
Based on its transaction history, the 0xfDD wallet typically transfers ENA to personal wallets, which are then used to sell tokens on Binance and Coinbase. https://t.co/CkCGU73kLv pic.twitter.com/jkB8dFUNEG
– Nazo (@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 lead to an immediate selling spree.
Market data showed that net inflows to exchanges remained negative, meaning that more ENA continued to leave exchanges than enter them. This indicates that the deal has not yet translated into confirmed selling pressure in the spot market.
Therefore, the transfer has become an important signal for traders and not a confirmation of the downtrend.
The focus now is on whether additional transfers to centralized exchanges will follow in the coming sessions.
Low trading volume indicates weak selling conviction
Another notable development is the decline in trading activity.
ENA recorded nearly $89.4 million in 24-hour trading volume, while recent market data showed that daily trading activity fell by more than 40% compared to previous sessions.
Low trading volume during falling prices often indicates that sellers are becoming less aggressive rather than accelerating their positions.
While this does not guarantee a reversal, it also means that the recent weakness has not been accompanied by unusually strong market condemnation.
The token’s historical price action also provides additional context.
ENA reached an all-time high of $1.52 in April 2024 but is currently trading 94.3% below that level.
Meanwhile, it remains approximately 23.4% above its all-time low of $0.07023, recorded on June 30, 2026.
These numbers highlight that ENA continues to trade closer to its recent lows than its previous peak, making current support levels particularly important for the short-term price direction.
The $0.085 level remains the level that 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 higher trading volume, would increase the likelihood of a decline towards the next major support around $0.080.
On the upside, resistance is starting 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 area could trigger additional buying as short positions are forced to close.
For now, the ENA remains stuck between these two major technical areas, leaving traders focused on confirmation rather than anticipation.
The next move for Bitcoin could form an ENA trend
Aside from token developments, Bitcoin It continues to play an important role in ENA’s short-term outlook.
Market participants are watching whether Bitcoin can stay above $64,000, as broader weakness in the largest cryptocurrency weighs on sentiment across the digital asset market.
If Bitcoin stabilizes, 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.
This makes Bitcoin price movements an important external factor alongside the developments surrounding the large ENA wallet transfer.
Ethena also continues to maintain strong protocol activity, with a total value locked of approximately $3.992 billion (TVL).
While TVL reflects the ongoing capital committed to the protocol, traders currently focus more on price action, exchange flows, trading volume and overall market conditions when evaluating the next move for ENA.
For now, attention remains focused on three developments: whether the $0.085 support can hold, whether the $290 million ENA wallet transfer finally results in meaningful exchange deposits, and whether Bitcoin can provide enough market stability to support a broader recovery.
