Ethena team deposits 19M ENA to Bybit amid price weakness
Ethena (ENA)
Editor:
Eugene Serbin
tradersunion.com reports that Ethena (ENA) is trading at $0.1637, down 7.02% on the day and sitting below key moving averages. Two addresses linked to the Ethena project team transferred 19 million ENA tokens, worth approximately $3.29 million, to the Bybit exchange within the last 15 hours. This large deposit likely increased circulating supply on trading venues, amplifying perceived sell pressure and contributing to negative sentiment.
Despite this, Aave V4 has launched USDe rewards within a dedicated Ethena market on Ethereum, broadening DeFi engagement pathways for the asset. On the hourly chart, ENA trades below the MA-20 at $0.1696 and the MA-50 at $0.1728, while remaining above the long-term MA-200 at $0.1007. Immediate resistance is marked by the Ichimoku Kijun level at $0.1705.
Momentum indicators show downside pressure, with MACD and ADX registering Sell signals and the RSI reading 39.07. The CCI is in Oversold territory, while Bull/Bear Power points to seller dominance intraday. Over the next 2–3 trading days, ENA is expected to consolidate within the $0.1542 to $0.1785 range. Model probabilities place the chance of an upward move at 24%, while downside risk is favored at 76%.
How the market reacted
Whalio's own Binance spot order flow for ENA, measured when this story was written up on 8 September 2026. Not the outlet's figures.
Whalio data shows ENA trading at $0.1642 with a 1-hour buy ratio of 57.7%, indicating short-term buying interest. However, the 4-hour buy ratio sits at 49.8%, and the 24-hour ratio drops to 47.4%, suggesting that buying pressure is fading over longer timeframes. The 1-hour volume delta is positive at +$89,410, contrasting with a negative 4-hour delta of -$11,298 and a 24-hour delta of -$1,489,767. This divergence means that while recent trades show more buyers than sellers, the broader trend over the day and week favors sellers. The CVD for the 24-hour close matches the delta at -$1,489,767, confirming net selling pressure. Spot volume reached $29,228,593 with 136,140 trades, showing active trading despite the negative delta.
The latest daily buy ratio of 42.7% sits at the 1st percentile of the last 324 days, against a median of 49.0% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for ENA, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.0%, making the current 24-hour ratio of 47.4% slightly below the weekly norm by 1.6 points. Volume was 0.68x the average, indicating a quieter trading day compared to the usual activity. Only 2 of the last 7 days saw net buying, highlighting a recent shift toward selling pressure. The price increased by 9.8% over the past 8 days, but the total volume delta for that period was -$5,636,735. This suggests that despite price gains, the underlying flow has been predominantly selling over the longer term.