Whale Moves $17M in ENA Ahead of Coinbase Listing—Is a Reversal Brewing?

Big money doesn't whisper—it screams. A single Ethena (ENA) whale just dumped $17 million into the market as Coinbase prepares to list the token. Is this a bullish signal or a classic 'buy the rumor, sell the news' setup?

Timing is everything—especially when exchanges start rolling out the red carpet. Coinbase's listing could spark fresh demand... or become a liquidity exit ramp for early backers. After all, nothing moves crypto prices like a well-timed exchange announcement—except maybe a whale cashing out.

Keep an eye on order books. If this whale's move triggers a domino effect, ENA might just flip from 'promising altcoin' to 'overbought casualty' before the trading frenzy even begins. Ah, the beautiful predictability of crypto markets—where 'fundamentals' often mean 'who's holding the biggest bag.'

Project-linked wallet action

A multisig wallet linked to Ethena Labs dispatched about 17 million ENA, worth $5.68 million, to Flowdesk.

Flowdesk then transferred them to exchanges with 12.75M ENA, valued at $4.57M, to Binance. Also moved 2M ENA, worth $667.81K, to Gate.io and 2.25M ENA, worth $751.32K, to Bybit.

This distribution likely followed a 171.88M ENA unlock from the seed sale—representing 2.82% of total circulating supply.

Naturally, such inflows to exchanges often precede selling activity and can exert sell pressure.

Source: SpotOnChain

Price drops, but technicals hint at a possible reversal

ENA fell nearly 8% in 24 hours, struggling to absorb the fresh supply.

This was because buyers did not handle this burst of liquidity. However, if the funds were used for liquidity or market making, the effect on the price could be small or may actually help regulate trading.

As per the chart, ENA was forming a rounded bottom that could indicate a reversal of the numerous month-long downward trend.

This base had held for several weeks, reflecting gradual accumulation. If momentum holds, a breakout may follow.

The first level of resistance was at $0.7983 and the next ones were at $0.9890 and $1,2635, the previous area of consolidation.

Source: TradingView

If ENA trends upward, resistance may be found near $1.2635, a previous breakdown point. Conversely, a drop below $0.30 WOULD negate the bullish pattern, potentially causing further declines.

Key price levels to monitor are $0.31, $0.80, $0.99, and $1.26.

Coinbase listing and RWA blockchain on Ethena

Meanwhile, Coinbase planned to add Ethena to its platform on the 5th of June, depending on available liquidity. The ENA/USD pair would begin trading through a step-by-step rollout.

Moreover, Ethena Labs is collaborating with Securitize to build a new blockchain focused on real-world assets (RWA).

Institutional interest in RWA infrastructure appears to be ramping up. In fact, USDe—Ethena’s synthetic dollar—came close to its $6B peak in May.

That said, the FDV-to-revenue ratio has dropped to cycle lows—reflecting improving valuations despite growing traction.