Author：Encryption Jianghu
With crypto token buybacks at full throttle across the market, Ethena Labs continued its aggressive accumulation of ENA.
That steady purchasing supported price stability, and the team returned to buying again.
Ethena Labs adds 25mln ENA
According to Onchain Lens, Ethena [ENA] Labs purchased 25 million tokens, valued at $7.05 million, from Bybit. After the latest purchase, the wallet held 779.89 million ENA worth $207.7 million.
Source: Onchain Lens
On top of that, Ethena Labs’ StablecoinX Inc held 2.146 billion ENA valued at $582.35 million, with a floating profit of $57.8 million.
That accumulation suggested continued confidence from the team.
Team purchases also reduced the immediate exchange supply, which may support price strength when demand increases.
Whales keep buying ENA
In addition to Ethena Labs’ purchases, ENA has experienced sustained demand, especially from whale investors.
In fact, Spot Average Order Size data from CryptoQuant showed repeated Large Whale Orders during the past week.
Source: CryptoQuant
These orders indicated active whale participation. In this case, the cohort accumulated, not distributed.
As such, Ethena’s Top Holders Balance Change also remained positive for five consecutive days. A positive Balance Change means Top holders have bought more ENA tokens than they’ve sold.
Source: Nansen
In fact, over this period, Top holders have purchased 774.81 million ENA tokens, signaling sustained demand from the cohort.
By contrast, exchange activity aligned with this trend. According to CoinGlass, ENA’s Spot Netflow recorded only one positive reading across the past 10 days.
Source: CoinGlass
At press time, Spot Netflow stood at -$444.6k, up from -$2.23 million the previous day, indicating continued outflows.
Historically, net outflows have aligned with accumulation phases that supported later price strength.
Any impact on ENA?
Significantly, continued accumulation from whales and Ethena Labs has positively impacted ENA’s price movement.
In fact, after successfully holding $0.255 support level, Ethena jumped to a local high of $0.28 before slightly retracing. At press time, Ethena [ENA] traded at $0.27, up 8.69% on the daily charts, signaling strong bullish momentum.
Source: TradingView
Even more so, the altcoin’s Relative Vigor Index Zero Cross made a bullish crossover to -0.0096. Although still in a negative zone, it suggested that bulls were slowly gaining control while the market momentum strengthened.
On top of that, Parabolic SAR support sat near $0.2423, serving as the next major downside level.
If buyers maintain momentum, ENA could retest $0.30. A slowdown may push the price toward the SAR support instead.
Final Thoughts
- ENA’s structure now reflects consistent whale interest and reduced exchange supply, two factors that often matter in volatile markets.
- Traders will watch whether this accumulation phase marks a turning point or just a temporary pause.
