Ethena [ENA] Faces Mixed Signals Amid Price Dip and Volume Shift

Ethena [ENA] shows mixed signals as price dips, volume drops, but institutional interest and TVL reach new highs.

22 September 2025, 11:10 published Updated 22 September 2025, 11:10

ENA Price Support Levels and Volume Decline Analyzed

Ethena [ENA] has declined by approximately 1.6% over the past 24 hours, while daily trading volume dropped sharply—about ten times more than the price change. This divergence highlights mixed market sentiment, with public and institutional players taking differing stances on the token’s value.

Divergent Market Activity Reflects Mixed Sentiment

Holder metrics analyzed by Nansen AI reveal contrasting behaviors among different groups. Smart Money and public figures increased their holdings by 4.48% and 1.68%, respectively. In contrast, whales and exchanges decreased their positions by 3.43% and 17.45%.

Notably, Arca continues to hold a substantial $4.57 million worth of ENA, representing 0.05% of the total supply, signaling strong institutional confidence.

Ethena [ENA] Faces Mixed Signals Amid Price Dip and Volume Shift

Institutional Interest Strengthened by Rising TVL and Active Addresses

Ethena’s Total Value Locked (TVL) recently surged to a new peak of $13.88 billion, supported by $151 million in daily capital inflows—an indicator of growing institutional demand. Additionally, the number of active addresses climbed to 32,000, showing increased user engagement.

The token’s solid yield rewards, with a monthly APY reaching 0.072—the highest since March—also contribute to rising demand.

Price Movements Reflect Mixed Market Trends

ENA’s price began gaining momentum around July 9 but has experienced relatively flat or declining trends since mid-August through September. Technical analysis suggests a potential double top formation on the daily chart, with a crucial support zone around $0.50, below the current $0.60 level.

“The $0.50 zone acted as the next area of support if $0.60 broke down,” signaling key levels to watch for market structure shifts.

Declining Volume and Profit-Taking Weigh on Price

Data from TradingView shows shrinking volume since September 11, coinciding with approximately $5.4 million in ENA being transferred to centralized exchanges for profit-taking. This movement has increased selling pressure.

Despite this, the Funding Rate remains negative at -0.0046%, meaning sellers are currently paying buyers. Exchange netflows have started to ease, which could allow for renewed bullish momentum if selling pressure subsides.