Amber Group-Linked Wallet Acquires $3.58M in Ethena (ENA) Amid Persistent Weak Demand

Ethena ($ENA) stalled near $0.093 after losing upward momentum, settling into a tight trading range between $0.090 and $0.093. At press time, the token was changing hands around $0.093, registering a modest 1.33% daily gain. Trading volume declined 15%, indicating reduced market participation. Ethena is the governance token for the Ethena protocol, which issues USDe, a dollar-pegged synthetic asset that has attracted attention as one of the larger yield-bearing stablecoin alternatives in the DeFi sector.

Amber Group-Linked Wallet Purchases 38.89 Million $ENA

An Arkham-labelled wallet connected to Amber Group acquired 38.89 million $ENA, valued at approximately $3.58 million. Amber Group is a digital asset trading and financial services firm that provides liquidity, execution, and asset management across crypto markets. The same wallet had previously withdrawn multiple tokens worth $9.97 million from Binance, according to on-chain data.

The purchase indicated that a large investor may have viewed $ENA's price consolidation as an accumulation window. However, a single wallet's activity alone does not constitute evidence of a broader demand recovery across the market.

Broader Demand Indicators Remain Soft

Despite the notable wallet activity, wider market demand for $ENA stayed muted. Exchange Netflow remained positive for three consecutive days, standing near $325,000 at press time. A positive netflow indicates that more $ENA tokens were moving into exchanges than leaving them, which can increase the supply available for sale and place downward pressure on the token's narrow trading band.

Meanwhile, DeFiLlama's USD Inflows metric stayed negative for two days, dropping to -$5.04 million at press time. The combination of exchange inflows and protocol outflows was consistent with $ENA's consolidation phase, leaving the market exposed to the possibility of another pullback. Persistent negative USD Inflows suggest that capital was exiting the Ethena protocol itself, not just rotating between holders, which can compound selling pressure on the token.

Technical Structure Shows Mixed Signals

$ENA's market structure continued to display some bullish characteristics. The +DI held above both the -DI and ADX, with the +DI near 23 and the -DI around 11, suggesting buyers retained a slight edge.

Additionally, the Momentum Shift indicator remained positive for seven consecutive days, indicating that upward pressure had not fully dissipated.

On the upside, renewed buying interest from large participants could push $ENA above the $0.093 resistance level toward $0.10. Conversely, a break below $0.090 could expose the token to a decline toward $0.086.

Summary

An Amber Group-linked wallet purchased 38.89 million $ENA for $3.58 million, but broader demand indicators for Ethena remained weak. Positive Exchange Netflows and negative USD Inflows sustained elevated selling pressure near the $0.093 level.