Insider Bullishness: Team Ramps Up ENA Accumulation With $10M Buy
Quietly, while the market looks elsewhere, the team behind Ethena is making a powerful statement of conviction. Over the past week, the project’s treasury wallet has executed a major ENA accumulation, pulling $10 million worth of tokens off exchanges and bringing its total holdings to over $162 million. This aggressive buying comes as the ENA price trades near a make-or-break historical support zone, setting the stage for a potential explosive rebound.
This isn’t random trading. The steady flow from exchanges to the team’s wallet, including a single $4.5 million transfer from Bybit, signals a deliberate strategy to accumulate during weakness. The price has dropped 25% in the same period, yet the developers are buying, not selling. This alignment of interests between the team and long-term holders is a classic bullish signal that often precedes major reversals.
The Pivotal Zone for ENA Accumulation and Price Reversal
All eyes are now on the $0.18 – $0.20 price range. This zone is historically significant; it was the launchpad for ENA’s 500%+ surge in December 2024. Analyst Crypto Patel notes that repeated defenses of this level by buyers, against a backdrop of lower highs, often indicates “stealth accumulation” by large players. The setup is clear: hold above $0.18, and the path opens for a rally targeting $1.50—a 700% move.
This technical optimism is bolstered by influential voices. BitMEX co-founder Arthur Hayes recently named ENA as a key DeFi position, predicting a run to $1 as capital rotates back into quality protocols. His endorsement adds a powerful narrative layer to the ongoing ENA accumulation by insiders.
Key Supply Pressures and the Path Forward
However, significant headwinds remain. ENA is still down 80% from its September 2025 high, plagued by large, frequent token unlocks that have flooded the market with new supply. While the USDe stablecoin sees adoption, protocol revenue hasn’t yet justified ENA’s full valuation.
To counter this, Ethena Labs has initiated buyback programs, a positive mechanism to reduce circulating supply. The current battle is a microcosm of crypto investing: strong fundamental accumulation and bullish narratives versus persistent tokenomic overhang.
My Thoughts
This is a high-conviction, high-risk setup. The team’s accumulation at these levels is the strongest signal they can send. They are literally putting their money where their roadmap is. The $0.18 level is the absolute line in the sand. If it holds, the combination of insider buying, a key support retest, and influential backing could ignite a ferocious short squeeze and momentum rally. If it breaks, the narrative collapses. For speculative capital, this is a defined-risk play: watch for a daily close above $0.20 for confirmation.
