📥 A new multisig wallet just accumulated 14.57M $ENA ($4.41M) from Binance and Bybit, signaling potential whale confidence. The use of Gnosis Safe implies long-term storage—not trading. This comes after an 11.3% rebound to $0.3379.
📉 But 93.88% of holders remain out of the money, with many stuck above $0.35–$0.50. This creates a supply overhang that could cap recovery if frustrated holders exit during pumps.
🔄 Whale netflows surged 10,659% in May but fell -1982% in just 7 days—raising doubts about continued accumulation. The 90-day trend is still up (+430%), but recent hesitation shows growing caution.
📊 Derivatives activity is booming. Volume spiked 110% to $900M, and Open Interest hit $430M. Yet, liquidations were fairly balanced—suggesting short-term trading, not long-term conviction.
🧠 ENA bounced from $0.25 support with the stochastic RSI near oversold. Still, strong resistance lingers under $0.50. For a breakout, ENA needs consistent spot demand and renewed whale interest.
⚠️ Disclaimer:
This post is for informational purposes only and does not constitute financial advice or endorsement.
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