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CryptoMediumUpdated×8•Originally published 24 March 2026•Updated 26 March 2026•

1 min read

Ethena (ENA) Whale Activity Signals Potential Recovery Amid Tightening Supply

Key Facts

1Ethereum (ETH) reserves on exchanges have fallen to approximately 16.2 million, the lowest level since 2016.

2This decline indicates a reduction in the amount of assets available for immediate sale, potentially leading to a supply squeeze.

4 months ago

Version History

31 additional sources confirmed this story

Version 84 months ago

What changed: Updated Ethereum exchange reserves to 2016 lows, added the 33.1% staking ratio, and refined price targets to $2,590 and $1,320.

Version 74 months ago

What changed: Added technical resistance levels at $2,300 and price range projections based on standard deviation models.

Version 64 months ago

What changed: Updated to include accelerating Ether outflows from exchanges and the continued rise in total staked ETH, strengthening the supply crunch narrative.

Version 54 months ago

What changed: The story was updated to include analyst warnings of a potential ETH crash despite Middle East de-escalation and the insufficiency of a US-Iran deal to support prices.

Version 44 months ago

What changed: The story was updated to include Ethereum's staking ratio reaching a new record high of 31.4%, further supporting the supply scarcity thesis.

Version 34 months ago

What changed: Updated the story to include Ethereum's current trading price of $2,170, Vitalik Buterin's warnings on L2 fragmentation, and new ecosystem funding for LiquidChain.

Version 24 months ago

What changed: The story was updated to include a $4 million whale move in Ethena (ENA) and signs of a structural recovery amid tightening supply.

Version 14 months ago

What changed: Added the $2,200 technical resistance level and identified spot ETF inflows as the primary fundamental driver for the next phase of price growth.

Market focus remains on Ethena (ENA) following a substantial $4 million whale move, occurring as Ethereum (ETH) exchange reserves hit their lowest levels since 2016. Currently, 33.1% of the total Ethereum supply is staked, significantly tightening market liquidity and reinforcing the supply crunch narrative. While technical analysts previously focused on broader ranges, new projections have established a specific bull case target of $2,590 and a bear target of $1,320. This volatility comes amid ongoing concerns from Vitalik Buterin regarding Layer 2 (L2) fragmentation, which continues to weigh on investor sentiment. Consequently, the market is navigating a complex landscape of institutional accumulation versus structural technical hurdles. These factors combined will likely define the next phase of price discovery for both ETH and ENA.