On the 26th of September, Ethena [ENA] climbed to a high of $0.28. The altcoin had not reached these levels since December 2025. ENA reached these price levels after Ethena started its USDe yield reserve expansion to RWA on Binance.
The expansion using Binance bStocks and USDT dominated Perps and attracted significant market attention, which helped ENA’s price action.
However, the price retraced, with Ethena trading around $0.27 at press time. At the same time, trading activity on the 27th of September plunged 57%, reflecting reduced market activity.
Ethena whale grabs $5.13 million ENA
With Ethena’s ecosystem expanding to RWA, high net worth investors are rushing to reposition, fearing to miss out on the anticipated benefits.
As a result, whales have turned to chasing the rally on the spot. Lookonchain reported that a whale withdrew 18.34 million ENA worth $5.13 million from Gate, Bybit, OKX, and Binance.
Often when whales make purchases during an uptrend, it indicates optimism, as they expect the rally to continue.
Demand holds steady
Notably, Ethena is seeing strong demand not only from whales but also across the market. For starters, substantial capital has recently flowed into the protocol.
According to DefiLlama data, the protocol’s inflows have remained elevated for the past three days. On the 27th of September, for example, USD inflows rose to. $24 million is added to $30 million recorded the previous day.
With more money entering the ecosystem, it reflects bullish sentiment, as investors’ willingness to allocate capital holds.
On top of that, exchange activity also shows increased demand. The altcoin has recorded negative Spot netflow for the past three days.
Over the past 24 hours, for instance, Ethena saw $48 million in Spot outflows compared to $46 million in inflows. At press time, netflow was around -$1.97 million, a clear sign of aggressive accumulation.
Can ENA target $0.3?
Ethena is currently on a strong upside run backed by sustained buying pressure. Whale buying adds another layer of strength to the market.
Having said that, a look at momentum indicators, the Stochastic Momentum Index climbed to 80, reaching overbought. At such a high level, SMI suggests bulls having an influential hold of the market.
At the same time, the positive index of DMI rose to 43 while the negative index fell to 6. This further confirms the trend strength.
Combined, the two indicators suggest the prevailing trend is strong and likely to continue. If the sentiment remains bullish, Ethena will reclaim $0.28 and target to finally flip $0.3 resistance.
Final summary
- An Ethena whale purchased 18.34 million ENA worth $5.13 million.
- ENA rose to $0.28 to December 2025 levels, before retracing to $0.27 at press time as bulls target to flip $0.30.
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