Ethena Price Up 20% on sUSDe Yield Frenzy, but Whales Could be Booking Profits

Ethena (ENA) price surged roughly 20% since March 24, touching highs near $0.109 as whale accumulation and a new DeFi yield opportunity on Aptos drew fresh capital into the ecosystem. However, the rally has already shown signs of exhaustion. A long upper wick on the latest 12-hour candle, declining whale balances, and a hidden bearish divergence suggest that the move may have been a profit-booking exercise rather than the start of a sustained recovery. Whales Accumulated 120 Million, Then Started Pulling Back Whale wallets, excluding exchange addresses, began adding ENA aggressively on March 24. By March 26, that balance had climbed to 12.78 billion, an addition of roughly 120 million ENA in just three days. The timing aligns with a catalyst. A new sUSDe-USDC liquidity pool on Aptos, launched via Hyperion, attracted over $11 million in total value locked within its first 24 hours. The pool offered a 59.2% APY with a 30x Sats multiplier, turning staked USDe into a high-yield DeFi primitive. That demand for sUSDe flows directly back to the Ethena price, as users must mint or acquire USDe and stake it to participate. Hyperion is now live on the first page of @ethena opportunities.sUSDe-USDC pool:– 59.2% APY– $11.32M TVL– 30x Sats multiplierClick to deposit directly from Ethena's interface. Deploy capital → https://t.co/3IGtGsDpX6 pic.twitter.com/muXBuRSEBv— Hyperion (@hyperion_xyz) March 25, 2026 However, the accumulation appears to have peaked. Since reaching 12.78 billion, whale balances have begun declining, dropping to 12.77 billion. ENA Whale Supply: Santiment On the 12-hour chart, the latest candle carries a prominent upper wick, meaning the price was rejected sharply after touching highs. When whale holdings peak and pull back at the same time as a wick rejection forms, it typically confirms that large holders used the rally to book profits. This is not unusual for a token that has remained down roughly 50% over the past three months. Whales entering on a DeF...