TL;DR

140 million ENA tokens were withdrawn in four days as the price continued sliding below $0.65. Trader faces $1.85M loss on ENA long; adds $1.7M USDC to avoid liquidation. ENA tests key support near 200 EMA and Fibonacci zone, with bulls eyeing possible bounce.

140 Million ENA Removed From Exchanges

Over a four-day span, 140 million Ethena (ENA) tokens were taken out of exchanges. The data, shared by analyst Ali Martinez, shows a drop in exchange supply from 1.3 billion to 1.16 billion ENA between August 17 and August 21, 2025. The chart used confirms the steady outflow over that time.

140 million Ethena $ENA withdrawn from exchanges in the last 96 hours! pic.twitter.com/hGaO0ESDT0

Despite these withdrawals, the ENA price fell from above $0.80 to around $0.64. Withdrawals of this scale often suggest reduced sell-side pressure. However, the continued price drop points to weak demand or possible off-exchange trading activity.

As of press time, ENA traded at $0.65. Over the past 24 hours, it has seen a slight rise of 0.55%, with a total volume of $442 million. Over the last week, however, the token has fallen by over 10%, showing ongoing market weakness.

In a related update, tracking account Lookonchain reported that a trader identified as 0x2611 is facing more than $1.85 million in losses on a long ENA position. To avoid liquidation, they added 1.7 million USDC into Hyperliquid earlier today.

Technical Support Level Under Watch

Technical trader Altcoin Sherpa posted a chart showing ENA trading around a confluence of key indicators. The recent price area is close to the 200-day EMA at $0.62, the 0.382 Fibonacci retracement at $0.61, and an older resistance level in late July. The coincidence of these factors indicates a potential support zone.

Source: X Meanwhile, the asset is reacting around this area, which could serve as a decision point. If the support holds, buyers may step in. If it fails, further downside toward the next Fibonacci level around $0.53 could follow.

Protocol Update and Long-Term View

Ethena Labs shared recent performance data for its USDe protocol. Over $500 million in total revenue has been generated to date. Weekly protocol revenue hit $13.4 million, and USDe supply reached a record high of $11.7 billion, reflecting increased adoption of synthetic stablecoins.

Long-term analysis from Altcoinpedia points to a possible downside toward $0.50. If the price holds there, a bounce toward $1.10 may follow. A move above that level could bring higher targets in the $2–$5 range.