On-chain data shows that Mult token issuer in Capital transferred approximately 56.116 million ENA tokens to Galaxy Digital through the custody platform BitGo, worth about $5.28 million at the time. At the time of the transfer, ENA had already weakened significantly, with a 24-hour drop of over 14%, and the market began to assess whether this institutional transfer would further increase selling pressure.
Institutional transfers draw attention
This transfer itself is not equivalent to a sale, but during a period of price decline, a large influx of tokens into trading institutions often amplifies market concerns about subsequent liquidity. Currently, there is no further publicly available information indicating whether this batch of ENA is for asset rebalancing, off-exchange arrangements, or is preparing for further trading processes.
The spot market still recorded a net outflow.
Unlike the emotional pressure from institutional transfers, spot flow data shows that ENA recorded a net outflow of approximately $3.52 million on June 5th, continuing the recent trend of tokens continuously flowing out of trading platforms. Typically, a net outflow indicates a reduction in the number of tokens available for immediate trading, with a corresponding contraction in the supply available for sale on exchanges.
This also indicates that despite the weakening price, some holders did not choose to transfer their tokens back to exchanges to wait for selling, but instead continued to hold them in off-exchange addresses or long-term accounts. For the short-term market, this flow at least alleviated the supply-side pressure.
The $0.079 support level is being tested.
From a price structure perspective, ENA remains within the range established since February of this year. After the recent decline, the price has returned to around $0.079, an area that has repeatedly shown signs of bottoming out, thus becoming the most important support level at present.
Resistance is concentrated around $0.132. Previous rallies weakened significantly before reaching this area, with selling pressure regaining control and prices falling back. Without a clear breakout, ENA remains in a range-bound trading pattern.
Binance still has a large number of large investors.
Derivatives data and spot prices showed divergent trends. Among Binance's large accounts, long positions accounted for 72.19%, while short positions accounted for 27.81%, resulting in a long-short ratio of 2.60, indicating that active traders as a whole still tend to bet on a rebound.
Meanwhile, the RSI has rebounded from near oversold levels to 41.20, with the relevant moving average reading at approximately 39.72, indicating that selling pressure after the sharp drop has eased and buying activity is beginning to emerge. If the $0.079 level holds, ENA is more likely to retest the resistance around $0.132.
