Multicoin Capital Moves 56M Ethena: Will ENA Recover?

Ethena [ENA] fell 14.28% to $0.0907 as Multicoin Capital moved 56.1 million $ENA worth $5.28 million through Galaxy Digital and BitGo. Multicoin Capital's latest transaction has drawn fresh attention to Ethena's market structure. According to Onchain Lens, the firm deposited 56.116 million $ENA valued at approximately $5.28 million into Galaxy Digital through BitGo. The transfer arrived during a period of heightened weakness for $ENA, which had already lost over 14% in the previous 24 hours. Large institutional transfers often attract scrutiny because they can precede custody changes, OTC deals, or exchange-related activity — and because in crypto, big wallets moving tokens are rarely just running errands. However, the transaction alone did not confirm immediate selling intentions. Instead, it introduced uncertainty around institutional positioning as traders attempted to determine whether the move reflected strategic portfolio management or preparations for further market activity.

Exchange outflows continue supporting supply squeeze While institutional transfers dominated headlines, Spot flow data showed a different trend beneath the surface. $ENA recorded a net outflow of approximately $3.52 million on the 5th of June, extending a pattern of tokens leaving exchanges. Persistent negative netflows typically indicate that more assets have exited trading venues than have entered them. As a result, immediately available exchange supply has continued shrinking. The outflow trend remained visible throughout much of the recent period despite broader market weakness. Such behavior often suggests that some participants preferred holding rather than positioning for immediate liquidation. Source: CoinGlass

Can $ENA hold its crucial floor? Price action remained confined within a range that has defined trading behavior since February. $ENA revisited the lower boundary near $0.079 after another wave of selling pressure pushed the asset lower — because support levels, much like predictions, exist mostly to be tested. The daily chart showed repeated reactions around this zone, reinforcing its importance as a major support area. Meanwhile, resistance remained established around $0.132, creating a wide trading corridor that has contained price movements for several months. Recent attempts to rally toward the upper boundary lost strength before reaching resistance. As a result, sellers regained control and forced another retreat toward support. The Relative Strength Index recovered to 41