140 Million ENA Withdrawn From Exchanges, Ethena Liquidity Drop Could Signal Large-Holder Accumulation

• 140 million ENA withdrawn from exchanges in 96 hours

• On-chain data indicates significant outflows that may represent whale or institutional accumulation.

• Reduced exchange liquidity can amplify price moves; monitor orderbook and on-chain flows for confirmation.

ENA tokens withdrawn: 140M removed from exchanges in four days — learn market impact and next steps. Read analysis now.

What happened when 140 million ENA tokens were withdrawn from exchanges?

140 million ENA tokens were pulled off exchanges within a four-day window ending August 22, 2025. On-chain records show large net outflows that lowered available exchange supply, a change analysts link to potential accumulation by major holders and altered short-term market depth.

How does this withdrawal affect Ethena’s liquidity and price dynamics?

Removing 140 million ENA from exchange custody materially reduces circulating sell-side liquidity, which can magnify price moves on modest buy or sell pressure. Historical token flows show that sizable exchange outflows often precede increased volatility or short-term price appreciation if demand remains steady.

Analyst commentary: Ali Martinez, on-chain analyst, reported “140 million Ethena $ENA withdrawn from exchanges in the last 96 hours” and other market observers noted this pattern historically aligns with accumulation phases. Ethena team has not issued a public statement as of August 22, 2025.

Why do large on-chain withdrawals matter for traders?

Large withdrawals change the balance of available tokens for immediate trading and can indicate accumulation. For traders, this reduces visible sell pressure on exchanges and can create thinner order books, increasing slippage risk and potential for sharper price swings.

What indicators should traders watch after such withdrawals?

Watch exchange orderbook depth, on-chain exchange inflows/outflows, and concentration metrics such as top-holder balances. Volume spikes combined with outflows can confirm distribution or accumulation phases. Monitor official project updates and on-chain analytics for context.

Frequently Asked Questions

How many ENA tokens were withdrawn and over what period?

On-chain data shows 140 million ENA tokens were withdrawn from exchanges over a 96-hour period ending August 22, 2025. This volume represents a notable shift in exchange-held supply for Ethena.

Who reported the withdrawals and what do analysts say?

Analysts including Ali Martinez highlighted the withdrawals, describing them as significant on-chain outflows. Market commentators referenced similar historical patterns where large outflows preceded accumulation or volatility.

Key Takeaways

• Large outflow: 140M ENA removed from exchanges across four days, lowering exchange liquidity.
• Accumulation signal: The pattern suggests possible whale or institutional accumulation but lacks official confirmation.
• Market impact: Reduced sell-side depth can increase volatility and price sensitivity to orderflow; monitor on-chain metrics and orderbooks.

Conclusion

140 million ENA tokens withdrawn from exchanges on August 22, 2025 signal a shift in Ethena’s on-chain distribution that may tighten liquidity and affect short-term price behavior. Traders should combine on-chain flow analysis with orderbook and volume data to form evidence-based views. COINOTAG will monitor updates and report developments as they emerge.