Ethena's ENA token climbed to $0.28 on September 26, reaching price levels not seen since December 2025. The rally coincided with Ethena's expansion of its USDe yield reserve into real-world assets on Binance, utilizing bStocks and USDT-dominated perpetual futures. The price subsequently retraced to $0.27 at press time.
Trading volume contracted sharply, with activity on September 27 declining 57% compared to the previous day, signaling reduced market participation following the initial price surge.
Whale Accumulation and Market Inflows
Large investors have begun repositioning amid Ethena's ecosystem expansion. According to blockchain tracking data, a whale accumulated 18.34 million ENA worth $5.13 million across multiple exchanges including Gate, Bybit, OKX, and Binance. Whale purchases during uptrends often signal investor confidence in continued price appreciation.
Capital inflows into the protocol remained elevated over a three-day period. On September 27, USD inflows totaled $24 million, compared to $30 million the previous day, indicating sustained investor interest in deploying capital into Ethena.
Exchange Activity Shows Accumulation
Spot exchange outflows have exceeded inflows for three consecutive days, a pattern consistent with aggressive accumulation. Over the past 24 hours, Ethena recorded $48 million in spot outflows against $46 million in inflows, with net outflow at approximately -$1.97 million at press time.
Technical Indicators and Price Targets
Momentum indicators suggest strength in the prevailing uptrend. The Stochastic Momentum Index reached 80, indicating overbought conditions and strong bullish control. The Directional Movement Index showed a positive index of 43 and negative index of 6, confirming trend strength.
If bullish sentiment persists, ENA could reclaim the $0.28 level and test $0.30 resistance.
