Within 4 days, 140 million ENA were withdrawn from exchanges. Prices dropped, traders re-entered positions, and Ethena's revenue reached $500 million, with USDe hitting an all-time high.

140 million ENA were delisted from exchanges

In four days, 140 million Ethena (ENA) tokens were withdrawn from exchanges. Data shared by analyst Ali Martinez shows that from August 17 to August 21, 2025, the exchange supply decreased from 1.3 billion ENA to 1.16 billion. The chart confirms a steady outflow of ENA during this period.

Despite these withdrawals, the price of ENA still dropped from above $0.80 to around $0.64. Withdrawals of this scale typically indicate reduced selling pressure. However, the continued price decline suggests weak demand or potential over-the-counter trading activity.

As of the time of writing, the trading price of ENA is $0.65. The token has seen a slight increase of 0.55% over the past 24 hours, with a total trading volume of $442 million. However, over the past week, the token has dropped more than 10%, indicating continued market weakness.

In related updates, the tracking account Lookonchain reported that a trader named 0x2611 is facing a loss of over $1.85 million due to holding a long position in ENA. To avoid liquidation, the trader injected $1.7 million USDC into Hyperliquid earlier today.

Technical support level is being monitored

Technical trader Altcoin Sherpa released a chart showing ENA trading around a convergence point of key indicators. The recent price area is close to the 200-day moving average (EMA) ($0.62), the 0.382 Fibonacci retracement level ($0.61), and the old resistance level from the end of July. The coincidence of these factors suggests a potential support area.

Meanwhile, the asset is reacting around this area, which may become a decision point. If the support level holds, buyers may enter. If this support level breaks, it may further decline to the next Fibonacci level around $0.53.

Protocol updates and long-term outlook

Ethena Labs shared the latest performance data of its USDe protocol. So far, the total revenue of the protocol has exceeded $500 million. Weekly protocol revenue reached $13.4 million, and USDe supply hit a record $11.7 billion, reflecting an increasing adoption rate of synthetic stablecoins.

Long-term analysis from Altcoinpedia indicates that the price could drop to $0.50. If the price holds at this level, it may rebound to $1.10. Breaking this level could lead to higher targets in the range of $2-5.