ENA price turns bullish after Ethena Labs accumulates 150 million tokens  

The crypto market remained somewhat muted in the last day as the overall market’s value soared a mere 0.23% to $3.02 trillion.

While Bitcoins sought stability above $87,500, altcoins showcased mixed performances.

This article evaluates ENA, which outperformed the broader marketplace with a more than 13% surge in the past 24 hours.

The rally has grabbed attention as it coincides with substantial accumulation by Ethena Labs.

On-chain data shows the synthetic dollar protocol has withdrawn massive amounts of native ENA from centralized exchanges.

This development is vital for the project as it indicates long-term holding plans while reducing circulating supply.  

According to Onchain Lens, wallets linked to Ethena Labs have accumulated over 150 million ENA coins since yesterday.

Its new wallet received 105.35 million tokens, worth roughly $28.7 million, from Coinbase Prime today.

Additionally, it received 20 million ENA, valued at around $5.45 million, from Bybit.

The address now holds assets worth $88.67 million (305.15 million ENA) after previous purchases.

Onchain Lens

@OnchainLens

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Ethena (@ethena_labs) withdrawing $ENA from CEXs Newly created wallet “0xa19” received 105.35M $ENA worth $28.7M from #Coinbase Prime. Wallet “0x631” further withdrew 20M $ENA worth $5.45M from #Bybit. Now the wallet holds 305.15M $ENA worth $88.67M. Addresses: –

11:45 AM · Nov 26, 2025

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Meanwhile, today’s transaction follows another purchase executed on November 25. In this, the protocol bought 25 million ENA, worth $6.7 million from Bybit.

The address now holds over 285 million tokens with approximately $76.46 million.

Ethena Labs has accumulated more than 150 million tokens from Bybit and Coinbase Prime over the past day.

These accumulations come as the broader market bleeds, with experts advising dip-buying.

Meanwhile, investors and traders are interpreting the accumulation as a sign of the team’s unwavering confidence in Ethena’s future.

Massive withdrawals from CEXs generally reduce selling pressure as few assets remain available for immediate dumps.

At the same time, these transfers bolster price stability.

ENA price outlook

Ethena Labs’s native token trades in green today, following an over 13% increase on the 24-hour timeframe.

ENA is trading at $0.2962, with an over 50% increase in daily trading volume, highlighting trader optimism.

ENA is currently testing the key resistance zone at $0.30 – $0.32.

Further surges can propel prices to $0.36, which requires massive buying activity to overcome.

Notably, the region between $0.34 and $0.36 has absorbed buyer momentum previously limiting continued gains.

Failure to close above $0.32 would translate to downward pressure for the token.

ENA will likely retrace to the key zone at $0.27 or even $0.24 amid extended dips.

Nevertheless, continued accumulations by Ethena Labs and improved broader sentiments will fuel further uptrends.  

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