A wallet labelled by Arkham Intelligence as linked to Amber Group has purchased 38.89 million ENA tokens worth roughly $3.58 million, adding to a string of recent inflows from the same address. The buy comes after the wallet withdrew $9.97 million in multiple tokens from Binance, suggesting a market maker or trading desk repositioning rather than a one-off retail purchase.
Despite the sizeable purchase, Ethena's native token has struggled to translate the buying into sustained upward momentum. ENA traded between $0.090 and $0.093 at the time of writing, up 1.33% on the day, with exchange netflows showing a comparatively modest $325,000 in net inflows. USD-denominated inflows into the token had been negative for two straight days, falling by a combined $5.04 million, while trading volume slipped 15%.
Technical Picture Stays Mixed
Momentum indicators offered a slightly more constructive read. The Directional Movement Index showed +DI near 23 against -DI around 11, pointing to buyers holding a modest edge, while the Momentum Shift Indicator had stayed positive for seven consecutive days. Analysts covering the token pegged $0.10 as the level to watch on the upside if larger buyers return in force, with a breakdown below the $0.090 support zone opening the door to a slide toward $0.086.
A Familiar Pattern for ENA Whales
Large-wallet activity around ENA has become a recurring theme through the summer. Other closely watched addresses have staked tens of millions of tokens in recent weeks, and high-profile traders have publicly accumulated ENA as part of a broader rotation out of speculative memecoins and into tokens tied to yield-generating protocols. That backdrop has coincided with a sharp expansion in Ethena's synthetic dollar, USDe, whose supply has grown by roughly 42% as investors sought crypto-native, yield-bearing dollar exposure, while the protocol's own revenue climbed to an estimated $61 million.
The disconnect between that underlying protocol growth and ENA's muted price action underscores a pattern seen elsewhere in crypto markets this year: individual whale purchases can move sentiment briefly, but they have not been enough on their own to flip broader exchange flow data decisively bullish. Traders will be watching whether the Amber-linked wallet continues adding to its position, or whether this week's buy proves to be an isolated repositioning trade.
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For now, ENA remains rangebound just below the psychologically significant $0.10 mark, with the next directional move likely to hinge on whether exchange netflows can turn convincingly positive rather than any single wallet's activity.
