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Ethena’s multi-week rally at risk as whales exit ahead of 171m token unlock
Whales are offloading ENA
Adding to concerns, recent on-chain data points to weakening conviction among large holders. Over the past week, whale wallets have reduced their ENA holdings by 30%, now totaling 37.93 million tokens, according to Nansen. Similarly, public figure wallets, often used as sentiment proxies, have slashed their holdings by 75%, with balances dropping to just 2.54 million ENA.
Even veteran trader Arthur Hayes, who accumulated ENA in July, recently sold around $4.62 million worth of the token. He cited growing macroeconomic risks, including weak U.S. jobs data and slowing global credit growth, as reasons for shifting away from volatile assets like crypto.

Such reductions may signal that influential investors are locking in profits ahead of the unlock event, anticipating short-term price pressure. Lower holdings among whales and known public wallets often precede market pullbacks, especially when token supply is set to increase.
ENA price analysis
On the daily chart, ENA reached its year-to-date low of $0.23 on June 23. It then moved into a consolidation phase through early July before initiating a strong upward rally.

More recently, the price has formed an ascending broadening wedge, a pattern typically considered bearish due to its rising volatility and lack of directional stability. This formation often precedes a reversal, particularly when it emerges after a steep rally.
At the time of writing, ENA is trading close to the wedge’s lower trendline support at approximately $0.52. A decisive break below this level could confirm the bearish setup and trigger a broader pullback.

Momentum indicators support this weakening outlook. The MACD signal line (blue) has already crossed below the MACD line (orange), confirming a bearish crossover that signals waning upward momentum. Additionally, the Relative Strength Index (RSI) has declined to 62, still near overbought territory, but now pointing downward, indicating cooling buying strength.

If ENA fails to hold above the $0.47 psychological support level, the price may be vulnerable to further downside. A bounce at this level would temporarily invalidate the bearish structure.

However, a breakdown could open the door to a deeper correction toward $0.24, retesting its July lows. A sustained move below that could extend losses toward $0.07, which aligns with the measured target implied by the wedge pattern.