TL;DR140 million ENA tokens were withdrawn in four days as the price continued sliding below $0.65.Trader faces $1.85M loss on ENA long; adds $1.7M USDC to avoid liquidation.ENA tests key support near 200 EMA and Fibonacci zone, with bulls eyeing possible bounce.140 Million ENA Removed From ExchangesOver a four-day span, 140 million Ethena (ENA) tokens were taken out of exchanges. The data, shared by analyst Ali Martinez, shows a drop in exchange supply from 1.3 billion to 1.16 billion ENA between August 17 and August 21, 2025. The chart used confirms the steady outflow over that time.140 million Ethena $ENA withdrawn from exchanges in the last 96 hours! pic.twitter.com/hGaO0ESDT0— Ali (@ali_charts) August 22, 2025Despite these withdrawals, the ENA price fell from above $0.80 to around $0.64. Withdrawals of this scale often suggest reduced sell-side pressure. However, the continued price drop points to weak demand or possible off-exchange trading activity.As of press time, ENA traded at $0.65. Over the past 24 hours, it has seen a slight rise of 0.55%, with a total volume of $442 million. Over the last week, however, the token has fallen by over 10%, showing ongoing market weakness.In a related update, tracking account Lookonchain reported that a trader identified as 0x2611 is facing more than $1.85 million in losses on a long ENA position. To avoid liquidation, they added 1.7 million USDC into Hyperliquid earlier today.Technical Support Level Under WatchTechnical trader Altcoin Sherpa posted a chart showing ENA trading around a confluence of key indicators. The recent price area is close to the 200-day EMA at $0.62, the 0.382 Fibonacci retracement at $0.61, and an older resistance level in late July. The coincidence of these factors indicates a potential support zone.Source: XMeanwhile, the asset is reacting around this area, which could serve as a decision point. If the support holds, buyers may step in. If it fails, further downside toward the next Fibonacci level around $0.53 could follow.Protocol Update and Long-Term ViewEthena Labs shared recent performance data for its USDe protocol. Over $500 million in total revenue has been generated to date. Weekly protocol revenue hit $13.4 million, and USDe supply reached a record high of $11.7 billion, reflecting increased adoption of synthetic stablecoins.Long-term analysis from Altcoinpedia points to a possible downside toward $0.50. If the price holds there, a bounce toward $1.10 may follow. A move above that level could bring higher targets in the $2–$5 range.The post 140,000,000 ENA Pulled Off Exchanges in 4 Days: Will Price React? appeared first on CryptoPotato.