Can Ethena hold $0.20 after 101M ENA flood exchanges?

Ethena [ENA] seemed to have bottomed after hitting a low of $0.191. The altcoin successfully held $0.2 support and jumped to a local high of $0.21.

At press time, ENA was trading at $0.2127, slightly up 4.33% on the daily charts but down 15% on weekly charts.

Amid this market downside risk, Ethena Labs turned to aggressive exchange deposits, potentially jeopardizing upside recovery.

Ethena Labs’ exchange deposits skyrocket

According to on-chain monitors, Ethena Labs made a series of ENA deposits to multiple exchanges.

For starters, ENA made two large outflows to Coinbase, according to Onchainschool. The team deposited a total of 50.13 million ENA, worth $12.4 million.

These deposits were executed in two separate transactions: one depositing 39.53 million ENA and the other moving 20.6 million.

Source: Onchainschool

Onchain Lens reported two additional exchange deposits by Ethena Labs. The on‑chain monitor noted that Ethena Labs transferred 18.36 million ENA, valued at $3.75 million, to Bybit.

They also deposited 23.3 million ENA, worth $4.74 million, into FalconX. Altogether, Ethena Labs has moved 101.79 million ENA, valued at $20.9 million, onto exchanges.

Such deposits typically signal an intent to sell, distribute, or provide liquidity. If these tokens are sold, it could add significant pressure to an already fragile market.

Whales hold the line

Interestingly, even during the current period of weakness, Ethena whale activity remained elevated. Spot Average Order Size data from CryptoQuant showed large whale orders since mid-October.

Source: CryptoQuant

Usually, high whale orders indicated increased participation from the group, either selling or buying. In this regard, whales have been actively buying.

Spot Taker CVD remained green for 25 consecutive days, which suggested buyer dominance in the market. Thus, most of the active whales on the spot market have been on the demand side.

Source: CryptoQuant

Over the past day, for example, the altcoin recorded a positive Buy Sell Delta. According to Coinalyze, Ethena saw 110.49 million in Buy Volume compared to 95 million in Sell Volume, as of writing.

Source: Coinalyze

As a result, the altcoin recorded a 15 million Buy Delta, a clear sign of aggressive spot accumulation that effectively absorbed any sell pressure.

Can the recovery hold?

While Ethena rebounded on the daily chart, the altcoin’s structure remained structurally bearish.

In fact, at press time, ENA’s Directional Movement Index (DMI) dropped to 11.7, while its -DI sat above it at 24, indicating strong downward momentum.

At the same time, its Stochastic Momentum Index (SMI) remained in the negative zone, further validating the strength of the trend.

Source: TradingView

While demand has lifted ENA on the daily charts, its long‑term structure remains fragile. If Ethena Labs’ deposits are sold, this weakness could drive ENA into deeper losses.

A continuation of the current trend would likely see the $0.20 support break again, opening the way for a drop toward $0.18.

Conversely, if buyers maintain their recent momentum, the altcoin could push toward a $0.24 target.