Ethena (ENA) price has struggled to rally beyond 69 cents in the past few days. The highly liquid mid-cap altcoin, with a fully diluted valuation of about $8.6 billion, dropped 4 percent in the past 24 hours to trade at about $0.575 on Tuesday, August 5 during the mid-New York trading session.
ENA price has, however, signaled a macro bullish outlook following the 122 percent surge in July, almost obliterating the losses recorded in the first half of 2025. The macro ENA bullish outlook is also bolstered by its rising futures open interest (OI), which hovered around $997 million at the time of this writing.
Why Are Whales Aggressively Accumulating Ethena Tokens
According to on-chain data analysis from Santiment, Ethena addresses with a balance of between 10 million and 1 billion tokens added around 1 billion ENAs in the past few days. As a result, the Ethena whales currently hold 6.3 billion.
The rising demand for ENA tokens is bolstered by the protocol’s robust fundamentals. For instance, market data from DeFiLlama shows that the total value locked (TVL) on the Ethena network has surged from around $5.8 billion in January this year to about $9.6 billion at the time of this publication.
The appeal of the Ethena USDe stablecoin to investors, primarily due to its high yield, has contributed to the protocol’s growth and profitability. Moreover, the USDe received a legal boost following the recent enactment of the GENIUS Act in the United States.
Midterm Targets for ENA Price?
From a technical analysis standpoint, the ENA price has flashed a midterm bearish outlook amid a macro bull market. In the daily timeframe of the ENA/USD pair, the altcoin has already slipped below the lower border of a recently established rising trend.
The midterm bearish sentiment is bolstered by the MACD indicator, whereby the MACD line dropped below the Signal line amid a bearish histogram. As a result, the ENA price is likely to retest the support level around 44 cents before continuing with the macro bull market.
