$5.72B outflows hit Ethena — Is ENA's recovery in trouble?
Ethena experienced a large $5.72 billion outflow, and on-chain indicators show cooling activity that could undermine recent gains for ENA. Reduced transaction counts and lower on-chain engagement typically signal diminished demand, increasing sell-side pressure and raising questions about how quickly the token can regain momentum.
The shift matters because sustained outflows and weak on-chain fundamentals can strain liquidity and make price rebounds more fragile. Traders and holders should monitor exchange flows, active addresses, and DeFi liquidity pools for signs of stabilization; without a pickup in on-chain usage or new capital inflows, recovery prospects look uncertain in the near term.