The selling pressure from large holders on Ethena (ENA) has substantially increased the risk of a near 13% correction, and the market is watching a key $0.29 support that will determine the immediate direction. The case combines institutional accumulation moves, massive whale sales and technical signals that favor a decline toward the $0.24–$0.25 zone if the containment level is lost.
Ethena Labs accumulated 150 million ENA since 25 November 2025, taking 105.35 million from Coinbase Prime (valued at $28.7 million) on 26 November, another 20 million from Bybit ($5.45 million) the same day and 25 million ($6.7 million) on 25 November, according to Invezz. In contrast, large holders trimmed 100 million ENA in the 24-hour window closed on 25 November, a liquidation equivalent to roughly $28 million that weakened the rally structure, according to on‑chain reports cited by market sources.
ENA traded at the end of November 2025 in an approximate range of $0.28–$0.30 and records a cumulative correction of 73% since the December 2024 highs ($1.31); market capitalization stands near $1.76 billion with a circulating supply of ~7.42 billion ENA. Immediate support is defined at $0.29; its loss projects a 13% drop toward $0.24–$0.25, while the main ceiling to validate a bullish continuation is located between $0.30 and $0.32, with a sustained close above $0.29 and confirmation in volume (OBV) as an operational requirement for managers and traders.
Between 10 and 26 November a hidden bearish divergence was detected on the RSI, and between 18 and 26 November OBV registered decreasing highs against prices that marked relative highs, signals that suggest a lack of buyer conviction, according to technical analysis published in BeInCrypto and other outlets.
Ethena protocol and operational risks
Ethena is a synthetic dollar protocol whose main product, USDe, operates via a delta-neutral strategy: it buys Ethereum, takes a simultaneous short position and stakes the ETH to generate yield. Delta-neutral: strategy that seeks to neutralize directional exposure to the underlying asset’s price. The project, driven by Guy Young, offers a yield that cited sources placed around 11–12% annually, which attracts flow in low-yield environments, according to AInvest.
For traders this implies several operational risks: the combination of whale sales and rallies with low volume increases the likelihood of abrupt movements amplified by leverage; derivative positions (futures/opts) could exacerbate volatility if the $0.29 support fails.
The confluence of institutional accumulation and whale liquidations, together with bearish technical signals, raises the probability of a 13% correction toward $0.24–$0.25 if ENA does not close above $0.29 with volume support; the decisive confirmation or break of that level will be the operational milestone to watch in the coming sessions.
