Large investors continue to buy Ethena despite bearish forecasts

The price forecast for Ethena (ENA) is currently quite pessimistic — with expectations of a short-term decline of about 6% or even more than 20% according to some models — yet large investors (whales) and long-term holders are still continuing to increase their purchases of ENA. This indicates they believe in the long-term prospects of the asset, despite the weaker short-term technical trend.

⸻

1. Whales continue to accumulate despite bearish forecasts

• According to the report on August 25, 2025, from AMBCrypto:

• Whales (holding 1–10 million ENA) have bought an additional 32 million ENA in the past 24 hours.

• At the same time, over $24 million ENA has been withdrawn from the exchange in 48 hours, indicating that large amounts of money are being moved to private wallets for accumulation.

⸻

2. Growth of TVL and revenue – a highlight of the platform

• TVL (Total Value Locked) in the Ethena ecosystem has surged, reaching over $11-12 billion USD, an increase of about 50% in just one month.

• The system's accumulated revenue has surpassed the $500 million USD mark, with the recent week bringing in $13.4 million USD.

• Another source also confirms: “140 million ENA has been withdrawn from the exchange in 4 days, suggesting accumulation activity from long-term investors.”

⸻

3. Technical charts and price models

• Many analysts believe ENA is under short-term technical pressure:

• The 9-day EMA is above the price (~$0.69), RSI is low (~43), and MACD gives a negative signal.

• Some models predict that ENA could drop deep to the $0.49 range if support is lost.

• However, there are still positive long-term signals such as: Supertrend remains in an upward trend, the cup-and-handle chart, and support from the upward trendline since July 2025

Conclusion

Despite warning signals about short-term adjustment risks (with weak technical factors and models predicting a deep price drop), the positive actions from whales and long-term holders, along with the improvement of fundamental indicators (TVL, revenue, sUSDe staking APY), suggest they still believe that Ethena can recover strongly and achieve sustainable long-term growth.