Key Takeaways:
- Whale wallets added 20 million ENA tokens on June 30 while the price fell 4.4%
- Coinbase Ventures and Janus Henderson both disclosed ENA positions in June
- A 40.63 million token foundation unlock on July 2 adds near-term supply risk
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Ethena whales add 20M ENA as Coinbase and Janus Henderson build positions
Whale wallets accumulated roughly 20 million ENA tokens on June 30 while the price fell 4.4%, a divergence that points to institutional positioning rather than retail speculation.
Whale wallets tracked by Nansen added about 20 million ENA tokens — worth roughly $1.5 million at the time — on June 30, a 3,166% surge in large-holder balances, even as the token slipped 4.4% that same day.
"When price is soft and liquidity is decent, the cheapest way to build size is often to buy into red — not after the breakout," said Jason Wu, on-chain analyst at Edgen. "Whales care about inventory, not confirmation."
The accumulation followed a string of institutional signals. Coinbase Ventures purchased ENA on the open market on June 2 and announced a partnership with Ethena around USDC integration. Janus Henderson's ANTIK venture disclosed an ENA position on June 9 and said it plans to work with Ethena on regulated investment products, including exchange-traded products. Ethena Labs allocated $250 million to Securitize's tokenized AAA CLO fund on June 12.
The buying into weakness suggests large holders are positioning ahead of potential distribution catalysts — including deeper exchange integrations and regulated product wrappers — rather than chasing momentum. ENA traded at $0.0775 as of 08:30 UTC, still below its 20-day moving average of $0.0837, with a scheduled foundation unlock of 40.63 million tokens on July 2 adding near-term supply risk.
What's driving the institutional bid
Ethena's core product, USDe, is a synthetic dollar that uses a hedged strategy on liquid crypto collateral and derivatives. ENA is the separate governance and ecosystem token tied to the protocol's growth. The distinction matters because institutions evaluating ENA are effectively buying exposure to the network's governance and potential value capture, not the stablecoin itself.
The institutional pipeline has widened beyond token purchases. BlackRock added USDe to its Aladdin risk-management platform and designated its BUIDL tokenized Treasury fund as the main reserve asset for stablecoins Ethena deploys for other companies. Ethena also committed a $100 million liquidity facility through Securitize, the regulated transfer agent for BUIDL, allowing eligible holders to swap BUIDL into supported stablecoins outside normal market hours.
Risks to watch
The same whales who accumulated could supply rallies later, capping upside. The scheduled foundation unlock of 40.63 million ENA tokens adds potential selling pressure. Regulatory overhang on synthetic dollar models and tokenized credit products remains active in multiple jurisdictions. ENA's technical structure shows the token trading below all three key moving averages, with the 20-day at $0.0837, the 50-day at $0.0916 and the 200-day at $0.128, indicating sellers remain in control across short-, medium- and long-term timeframes.
This article is for informational purposes only and does not constitute investment advice.
